Crave Entertainment Bought Out

Crave Entertainment, a name we remember from both Nintendo DS and GameBoy Advance titles, has been acquired by Handleman Company.

Handleman Company today announced that it has entered into a purchase agreement to acquire privately-owned Crave Entertainment Group. Products distributed by Crave support all video game platforms, including platforms provided by Sony, Nintendo and Microsoft. The transaction, which is expected to close in the next 45 days, is subject to regulatory approvals, the obtaining of adequate financing and other customary closing conditions.

Crave, headquartered in California, distributes video game software, hardware and accessories to more than 30,000 retail stores, with sales for the 12 months (ended August 2005) at approximately $239 million. Not the smallest company around.

Stephen Strome, Handleman Company Chairman and Chief Executive Officer said, "The acquisition of Crave Entertainment expands our customer base, broadens our product line and is expected to be immediately accretive to earnings. Video game software is one of the fastest growing entertainment product lines, with industry growth expected to exceed an 8% compounded annual growth rate over the next four years. In addition, we expect the combination of Handleman Company and CEG will provide growth opportunities for both organizations through cross-selling customers, services and products."

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Comments

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  So the final game Crave will publish under that name...is The Bible Game? What a way to go out with a bang...

  Skitz, 30-11--0001 at 00:00
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  Poor Crave: now the software house will do only bigot games.

  Olpus Bonzo, 30-11--0001 at 00:00
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  ...At least it wasn't EA.

  Darkling05, 30-11--0001 at 00:00