"Action adventure has not been part of our DNA," said Nickeloden President Cyma Zarghami in an interview. This acquisition, she added, will let the network "stretch our brand and embrace a lot more stuff."
While this is a tiny deal compared to Disney's recent $4 billion deal to acquire Marvel Entertainment, the rationale is the same. It's better to buy than to build. Even though its over two decades old, "Teenage Mutant Ninja Turtles" is an established brand. The first generation of fans are now parents who can introduce their kids to the new version.
"Teenage Mutant Ninja Turtles" is "rich with opportunity for a tent-pole movie," said Paramount Pictures President Adam Goodman, in a statement.The last "Teenage Mutant Ninja Turtles" theatrical release was in 2007 and took in $94 million in worldwide box office.
Currently, the CW network carries a new version of "Teenage Mutant Ninja Turtles," but that will go off its air next year. Nickelodeon will get rerun rights to that show. It is also looking into acquiring the rights to the 1980s version of the program.
-- Joe Flint