eOne revenue up as Alliance Films acquisition talks continue

Growth in its film and TV business offset slowing revenue declines in eOne's wholesale distribution business, the Canadian media group reported in its interim financial statement.

They’re still talking.

Entertainment One on Wednesday said talks on a possible acquisition of Alliance Films “are ongoing.”

The news came as the Canadian producer released its interim statement in Britain, where it is listed on the London Stock Exchange.

Following eOne’s announcement in May 2012 that it was in purchase talks for Alliance Films, the Toronto-based producer repeated that there was no guarantee a takeover agreement with Alliance Films would be reached.

eOne promised additional updates on its acquisition talks.

The producer also indicated overall revenues in its fiscal first quarter were up 16%, as “solid performance” in its film business and “excellent growth in its TV business offset slowing declines in its wholesale distribution division.

The company rolled out 49 movies theatrically, including Moonrise Kingdom and Killer Joe, against 36 released in the same quarter last year.

eOne said its full-year results were expected to “be in line with management’s expectations.”