Posted: 11/14/03
Veggies uprooted to a new garden
CHICAGO (RNS)–A federal bankruptcy judge has approved the sale of Big Idea Productions, makers of the best-selling VeggieTales video series, to Classic Media, owner of “Rocky and Bullwinkle,” “Lassie” and “Rudolph the Red-Nosed Reindeer.”
Classic Media will pay a reported $19.3 million for Big Idea, according to the Chicago Tribune. The sale is expected to close by mid-December.
Classic Media had agreed in September to pay a reported $7.5 million for Big Idea. But an open auction was held Oct. 27 for the company's assets, including rights to Bob the Tomato and Larry the Cucumber, stars of the VeggieTales series, which has sold close to 30 million copies.
“I'm very pleased Classic Media has been confirmed as the new owner,” said Phil Vischer, founder of Big Idea and voice of Bob the Tomato. “Everyone at Big Idea is looking forward to working with them to advance our ministry to families in new and exciting ways.”
Despite VeggieTales' popularity, Big Idea has had significant cash flow problems. According to the Tribune, the company lost more than $18 million in 2002, the same year it released the self-financed “Jonah: A VeggieTales Movie.” The film earned more than $24 million at the box office but cost close to $20 million to produce, little of which was recouped.
In April, Big Idea also lost a $10.6 million lawsuit to its former distributor, Lyrick Studios, which also distributes “Barney.”
Three new VeggieTales episodes are scheduled for 2004, including “An Easter Carol,” in February. Classic Media plans to continue producing additional VeggieTales in the future.
“We are very enthusiastic about the addition of Big Idea to our portfolio of kids' and family properties,” said Eric Ellenbogen, chairman and CEO of Classic Media. “The creators at Big Idea are enormously talented, and VeggieTales is a wonderful name in family entertainment. We look forward to many new productions and to supporting the Big Idea mission and the great relationship they have established with their audience.”
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