Imagine Entertainment Center, the home of the critically acclaimed animated movie The Secret Life of Pets, has been sold to a private equity firm for $2.5 million.
In a press release, Imagine Entertainment announced that the company’s board of directors approved the sale to the firm and confirmed that the sale was completed on February 16, 2017.
The deal includes approximately 2,600 square feet of space, approximately 1,400 square feet for the office, and approximately 7,000 square feet at the entertainment center.
The sale was approved by the board of Imagine Entertainment, which also approved the acquisition of the former property of The Secret Space and its future use as a residential and entertainment complex.
The board of executives of Imagine Media is responsible for all matters relating to the company.
The new owners of the Imagine Entertainment will retain control over the movie studio and its facilities, and have agreed to continue to provide entertainment programming to the entire community.
The deal will also include an additional 2,500 square feet and $1.1 million for operating expenses.
The movie studio will remain open for the foreseeable future.
The company’s previous owners, which include the movie studios Warner Bros. and Paramount Pictures, have also decided to sell off the properties and lease them to private equity firms.
In February 2017, the former Paramount Pictures had announced that they had purchased the former Warner Bros./PBS Studios, which the studios had operated since 1994, for $1 billion.
In addition to being a major studio, Imagine Media has been a major supporter of the arts in the community and has been involved in several charitable endeavors including a youth film festival.
The future of Hollywood entertainment is looking brighter as studios such as Paramount and Imagine Entertainment have recently invested in more theaters, more movie locations, and more live events and special events, as well as other areas of the entertainment industry.