Itemus is acquiring 80% of Shooting Gallery, New York, a privately owned rich-media media services company, in a $56 million stock exchange deal. Shooting Gallery will become a subsidiary of itemus, and will spin off its existing film, TV and music development and distribution business as a standalone company. That business will be operated under the name Shooting Gallery Entertainment, and will become a client of itemus' Shooting Gallery subsidiary. The Shooting Gallery brand, management team and facilities will remain intact; clients include Barclays, Saatchi & Saatchi, J. Walter Thompson USA, DDB
Worldwide, Crunch, New York Times Television, Citipost and Touchpak. Gallery employs more than 200 professionals working from a network of digital media facilities.
Copyright October 2000, Crain Communications Inc.