MUMBAI: Canadian distributor Knightscove Media Group has entered into an agreement to acquire Ellis Entertainment for C$2.82 million.

The purchase price consists of C$1.5 million in cash, with the balance made of Knightscove stock. The transaction is due to close at the end of this month. Knightscove announced in April of last year that it had signed a non-binding letter of intent to acquire Ellis Entertainment.

The company that has been in business for 45 years owns the rights to about 600 titles that cover wildlife and nature genres as well as other factual fare and entertainment shows. 

It also operates VisionTV International, a joint venture with Canadian specialty broadcaster VisionTV. Knightscove owns the DVD distributor Morningstar, which is expected to manage the Ellis catalogue in the U.S. market.

Said Knightscove‘s president and CEO Leif Bristow, "Having KnightTV will create a magnet effect assisting in broader distribution rights to be leveraged by all Knightscove divisions.

"Having Ellis Entertainment and Stephen Ellis become part of this shared vision will demonstrate to the industry and our shareholders our commitment to growth through strategic business combinations. We believe that the synergies by working from the same offices will increase profitability and provide new and enhanced opportunities to increase overall revenues."