Disney to buy outstanding Jetix shares

BURBANK, Calif., Dec. 8 (UPI) -- The Walt Disney Co. Monday announced its plans to acquire outstanding shares of Jetix Europe television channels

The company said the deal is being made "to expand its kids and family media business in Europe and extend its brand leadership around the world." The pact would bring Disney's ownership of the pan-European kids entertainment company to approximately 96 percent, Disney added.

Completion of the transaction is expected to take place before the end of the year.

Following such completion, Disney said it intends to obtain ownership of 100 percent of the shares in Jetix, including through statutory buy-out proceedings. In addition, Disney and Jetix intend to seek termination of Jetix's listing on Euronext Amsterdam.

"Television continues to be a strong brand builder for Disney around the world and this investment enhances our efforts to reach kids and families," Anne Sweeney, co-chair of Disney Media Networks and president of Disney-ABC Television Group, said in a statement. "By achieving operating efficiencies, we will have additional opportunities to create more family-friendly programming and locally produced content across Europe."