History
In 1980, Mickey Elfenbein, former president and CEO of K-Tel International, and Philip Kives (K-Tel founder) started Simitar Entertainment. Simitar bought Pickwick Records. Simitar was a long-time leader in budget VHS throughout the 80s and early 90s. Reach Entertainment produced sports home video programs for Simitar. By April, 1997 Simitar was the first independent in the U.S. with DVD releases. In 1999, Simitar's revenues rose from $5 million to $40 million in just three years. On March 9, 1999, Cherry River Music Co. (owner of the World Wrestling Federation (WWF)) sued Simitar Entertainment for copyright infringement of WWF—The Music, Volume 3 and won. In 2000, Simitar folded/went bankrupt, due to problems in the music division. Simitar's Total Assets were $19,570,059. Simitar's Total Debts were $25,556,878. In 2000, Simitar auctioned off its movies. Brentwood Communications, Inc. (BCI) offered to pay $215,000 to acquire Simitar's movies. Ed Goetz and Greg Glass went to BCI to start a DVD division. In October/November 2003, BCI was purchased by Navarre Corporation.
Read more about this topic: Simitar Entertainment
Famous quotes containing the word history:
“Both place and time were changed, and I dwelt nearer to those parts of the universe and to those eras in history which had most attracted me.”
—Henry David Thoreau (1817–1862)
“Racism is an ism to which everyone in the world today is exposed; for or against, we must take sides. And the history of the future will differ according to the decision which we make.”
—Ruth Benedict (1887–1948)
“The history of the world is the record of the weakness, frailty and death of public opinion.”
—Samuel Butler (1835–1902)