Nickelodeon Acquires Ninja Turtles Franchise

NEW YORK: The Mirage Group has sold the Teenage Mutant Ninja Turtles franchise to Nickelodeon for $60 million, ending its long-running licensing and production partnership with 4Kids Entertainment, which received $9.75 million for the early termination of its contract.

4Kids Entertainment’s contract with Mirage Group was due to expire 2012. In exchange for its agreement to terminate the deal, 4Kids received about $9.75 million, with the possibility of an additional $1 million upon expiration of the escrow relating to the transaction. "This is a great deal for all parties," said Alfred R. Kahn, the chairman and CEO of 4Kids Entertainment. "We congratulate our partners at Mirage on the sale of the Teenage Mutant Ninja Turtles to Nickelodeon and on their gracious recognition of the contribution made by 4Kids to re-launch the Teenage Mutant Ninja Turtles franchise in 2002 for a new generation of kids around the world. We also congratulate Nickelodeon on acquiring the rights to an outstanding boys’ property. From 4Kids’ perspective, we received a $9.75 million capital injection at the closing and a share of Turtles royalties through June 30, 2010."

4Kids will also continue to air the Teenage Mutant Ninja Turtles television episodes that it co-produced with Mirage in TheCW4Kids block through the end of the 2009-2010 broadcast season.

Nickelodeon, which acquired the global rights to the Teenage Mutant Ninja Turtles for about $60 million, plans to develop a new CG-animated series for a 2012 premiere. It is also working with Paramount Pictures on a feature film, also planned for 2012. Nickelodeon has also acquired all merchandising rights to Teenage Mutant Ninja Turtles and will continue to work Playmates Toys on the toy rollout.

"Teenage Mutant Ninja Turtles shares a comedic sensibility with the Nickelodeon DNA, with added layers of action and fantasy that have kept this property an evergreen favorite with multiple generations of audiences," said Cyma Zarghami, the president of Nickelodeon/MTVN Kids and Family Group. "We are extremely happy to have the opportunity to be able to focus on this property and creatively re-introduce it to a new generation of kids."

"Mirage has been the proud keeper of the Turtles’ brand since 1984, and in 2009 we celebrated their 25th anniversary with our legions of fans," said Gary Richardson, the CEO of Mirage Studios. "Nickelodeon is a powerhouse global brand, and we are confident that the company will be a wonderful steward for Leonardo, Raphael, Michelangelo, Donatello and all the other TMNT characters and take them in all kinds of exciting and new creative directions."

The property was created in 1984 by Kevin Eastman and Peter Laird, debuting as a comic book series before spawning an animated TV show, a live-action television series and four theatrical releases. The property also has translated into a significant consumer-products business, with DVDs, video games, toys and more. 4Kids, Mirage and Viacom say they will work together so that Turtles broadcast and merchandise licensees can be assured of a "seamless transition, which is expected to be completed by the end of the second quarter of 2010."