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News: IDT Corp: New Media Giant?
posted May 13, 2004
 

May 13 -- The Newark based telecommunications giant IDT Corp. has completed a flurry of purchases for its entertainment division that have many outsider observers standing to attention. On May 6, IDT acquired a portion of Stan Lee's entertainment and licensed property development company Pow! Six days later IDT came to an agreement with Todd McFarlane to make more episodes of his popular Spawn cartoon. The following day came the biggest news yet -- the company acquired the impressively large Manga Entertainment animation house. The last move immediately vaulted IDT to a position as one of the world's most prolific and productive makers of animation.

Together with a deal inked in January for rights to the Archie Comics characters, the new acquisitions are expected to make up approximately one-tenth of IDT's overall yearly revenue. The IDT Entertainment is projected to bring in $170 million in revenues and produce $18 million in net income. Despite the press attention, the recent moves at IDT have yet to make a discernible impact on the publicly held company's stock profile.