The National Association of Television Programming Executives (NATPE), which last October filed a court petition to restructure its business affairs with the Bankruptcy Court under Chapter 11 of the Bankruptcy Code and then canceled its upcoming Bahamas event, said that several parties expressed interest in its assets, headed by Toronto-based Brunico Communications.
Brunico Communications, the publishing and events company behind entertainment industry brands Kidscreen and Realscreen, has emerged as the stalking-horse bidder for certain NATPE assets. In detail, Brunico has confirmed it has offered US$150.000 to acquire a list of assets that include NATPE Global, NATPE Budapest, NATPE Streaming+, and the Brandon Tartikoff Legacy Awards, while also assuming certain liabilities.
“Working in consultation with NATPE’s board, membership, and longtime sponsors, we intend to orchestrate a full-scale return of all NATPE annual events, beginning with NATPE Budapest from June 26 to 28, 2023 at the Intercontinental Hotel, and followed by NATPE Global in Miami during its traditional timeframe in January 2024,” said Russell Goldstein, President and CEO of Brunico Communications, in a statement.
In order to overbid Brunico, other interested parties will have to exceed this stalking-horse bid by at least US$40.000 and must be able to close by December 30, 2022. An auction is scheduled for December 14, and a sale could be finalized as soon as December 23.