Monday, June 28, 1999
Todd-AO Completes Acquisition of Sound One
According to June 28, 1999�s PR Newswire, Todd-AO East announced the completion of its acquisition of Sound One Corp., a leading post production sound facility in New York.
Todd-AO paid $11.50 for each share of Sound One’s 1,111,169 common shares outstanding. Sound One will continue to operate under that name.
The combination of Sound One and Todd-AO creates a most diverse post-production facility on the East Coast. The combination also enables Todd-AO to handle additional motion picture work in New York City, which, in the past five years, has experienced a significant increase in movie production, and gives Hollywood-based Todd-AO greater access to international markets through an additional time zone.
Salah Hassanein, Todd-AO President and Chief Executive Officer, says, “The merger with Sound One enhances Todd-AO’s position as the leading, global provider of post production services. Not only can we provide increased state-of-the-art post production facilities to New York City’s rapidly expanding movie production activities, but this expanded presence will enable us to offer these same, advanced post-production services to overseas markets.”
Sound One’s current President Jeremy Koch will continue in that capacity in addition to being a Senior Vice President of Todd-AO Corporation. He remarks, “The key to this alliance is New York’s proximity to Europe. Todd-AO East / Sound One act as a gateway to Europe and serve as the hub to our international movie production activities.
For more information, visit ToddAO’s Web site at
www.toddao.com
.