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.
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