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:
“The history is always the same the product is always different and the history interests more than the product. More, that is, more. Yes. But if the product was not different the history which is the same would not be more interesting.”
—Gertrude Stein (1874–1946)
“Tell me of the height of the mountains of the moon, or of the diameter of space, and I may believe you, but of the secret history of the Almighty, and I shall pronounce thee mad.”
—Henry David Thoreau (1817–1862)
“The history of the genesis or the old mythology repeats itself in the experience of every child. He too is a demon or god thrown into a particular chaos, where he strives ever to lead things from disorder into order.”
—Ralph Waldo Emerson (1803–1882)