Itemus sets $56 million acquisition of Shooting Gallery

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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.

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