Canadian media company E1 Entertainment will delay its planned listing on the Toronto Stock Exchange. The company is reassessing its options in the market meltdown that is hammering even strong performers. The company said it will also undertake a restructuring of its US operations to ensure the competitiveness of its music business. This will result in a one-time charge to its year-end income statement.
In a statement, James Corsellis, managing partner of London-based Marwyn Investment Management, the company's largest shareholder, expressed his continued confidence in the company's long term prospects. E1 said its overall trading performance was in line with management expectations. The company continues to be traded on the London Stock Exchange's AIM.
E1 chief executive Darren Throop added, 'The core businesses of the group continue to perform well despite the tough economic climate. The company's film distribution operations are well-positioned going into 2009, with a strong pipeline of movies and television programming for release over the coming months.'
During November and December, E1 released Twilight in Canada and the UK, the first major release from its output agreement with Summit Entertainment. The film reached number one in the box office charts on its opening weekend. The company said its film businesses in the UK, Canada and Benelux region can rely on a strong release slate in 2009.
E1 recently rebranded its four constituent parts: E1 Films, E1 Television, E1 Music and E1 Distribution.
In a statement, James Corsellis, managing partner of London-based Marwyn Investment Management, the company's largest shareholder, expressed his continued confidence in the company's long term prospects. E1 said its overall trading performance was in line with management expectations. The company continues to be traded on the London Stock Exchange's AIM.
E1 chief executive Darren Throop added, 'The core businesses of the group continue to perform well despite the tough economic climate. The company's film distribution operations are well-positioned going into 2009, with a strong pipeline of movies and television programming for release over the coming months.'
During November and December, E1 released Twilight in Canada and the UK, the first major release from its output agreement with Summit Entertainment. The film reached number one in the box office charts on its opening weekend. The company said its film businesses in the UK, Canada and Benelux region can rely on a strong release slate in 2009.
E1 recently rebranded its four constituent parts: E1 Films, E1 Television, E1 Music and E1 Distribution.
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