Tough Pigs News Extra updated May 31, 2002
Henson ankles post as head of family firm Exec to pursue helmer, producer ambitions Variety.com -- May 30, 2002 by Carl Diorio Reprinted entirely without permission
Brian Henson, helming son of the late Jim Henson, is ankling as chairman of the namesake family-entertainment company his father founded.
No successor will be named as there is no board at the Jim Henson Co., which is owned by German media group EM.TV. And in any event, EM.TV currently has the LA-based company on the sales block.
Brian Henson will continue to serve as exec producer on Farscape, a Henson-produced series on the Sci-Fi Channel. He also will serve as consultant on future Muppets projects and will maintain professional space in the company's LA and London offices.
"Many of you know that my greatest passions have been for film directing and television producing," Henson said in a letter to employees. "I have come to the conclusion that in order for me to truly realize my ambitions as a director and producer, I must be able to focus 100% on my efforts there."
In a statement, Henson CEO Charles Rivkin noted he and Brian Henson have been partners in the company for more than 10 years.
"As one of the most talented and creative individuals in our industry (Henson) has helped position the Jim Henson Co. as a leading family entertainment brand," Rivkin said.
Blue-chip investment firm Allen & Co. has been conducting a search for Henson buyers for more than a year, and there have been recent indications the process finally may be wrapping up. (Daily Variety, May 22.) But the only actual bid received to date is believed to be from Rivkin, who's understood to have made a management-led buyout offer involving an unknown financial backer.
Henson exits Muppet house post The Hollywood Reporter -- May 31, 2002 by Cynthia Littleton Reprinted entirely without permission
Brian Henson is ready to throw a few penguins.
Henson is stepping down from his post as chairman of The Jim Henson Co. after nearly 12 years as the head of the company founded in 1955 by his late father, Jim Henson.
On Thursday, Brian Henson said he has been thinking about stepping away from the management responsibilities at the company ever since it was acquired two years ago by the German media concern EM.TV & Merchandising. "Since then, it's just been more and more clear to me that I want to focus 100% of my efforts on directing and producing movies and television," Henson said.
Henson announced his decision to Henson Co. staffers Thursday in a companywide e-mail that also reiterated what he believes are the core values of the company that is home to Kermit the Frog and the rest of the Muppet clan.
Last but not least on the list of Muppet maxims was, "When in doubt, throw penguins," which Henson cited as an example of the company's commitment to "never take itself too seriously and to always embrace a sense of humor."
But, in fact, the Henson Co. does face serious questions about its future. EM.TV has been shopping for a new buyer for Henson for the past year, ever since EM.TV's stock price collapsed and legal investigations were instigated in Germany into its accounting and business practices.
It's understood that the Henson Co. has drawn interest from the Walt Disney Co. -- which acquired Henson 12 years ago but then scrapped the deal after a long legal battle -- and AOL Time Warner, among others, but so far none has been willing to meet EM.TV's asking price of about $200 million.
Sources indicated that Henson's resignation was not spurred by any imminent acquisition agreement, though Allen & Co., the investment bank handling the sale of Henson, is expected to solicit a new round of bids for the company within the next two weeks. There are indications that EM.TV's asking price may have eased to the $150 million-$175 million range, which could open the door to a management buyout of the company proposed by Henson president and CEO Charles Rivkin.
Rivkin declined comment on the status of the sale process. In a statement regarding Henson's decision to step down, Rivkin called him "one of the most talented and creative individuals in our industry who has helped position the Jim Henson Co. as a leading family entertainment brand."
Indeed, Henson literally grew up at the Jim Henson Co., working alongside his father from the time he was 6 years old. He took over as president and CEO after Jim Henson's death in May 1990, then was named chairman and CEO in 1995 when Rivkin was promoted to president and chief operating officer. When the company was sold to EM.TV in February 2000, Rivkin took on the CEO title.
Brian Henson will remain an executive producer on the Henson-produced Sci-Fi Channel series Farscape and the upcoming Muppet holiday movie in the works for NBC. He's also developing two feature projects through Jim Henson Pictures, which is headed by his sister, Lisa Henson.
|