Simitar Entertainment

Simitar Entertainment, Inc. was an American media company that sold music, videos, DVDs, and computer software. They had specialized in compilation albums, special interest video, and urban media. Simitar distributed its own label.

Simitar Entertainment
Media company
IndustryMedia
FateBankruptcy
SuccessorEncore Software (Sereno Ventures, LLC)
Founded1984[1]
FounderMickey Elfenbein,
Philip Kives
DefunctMay 12, 2000
Headquarters
5555 Pioneer Creek Drive, Maple Plain, Minnesota
Key people
Mickey Elfenbein (Chairman),
Ed Goetz (President),
Mark Elfenbein (Vice President),
Greg Glass (Director of Sales)
Revenue$40,000,000 (1999)
Total assets$19,570,059 1
SubsidiariesPickwick Records
Footnotes / references
1 At time of bankruptcy in 2000

History

In 1984, Mickey Elfenbein, former president and CEO of K-Tel International, and Philip Kives (K-tel founder) started Simitar Entertainment. Simitar bought Pickwick Records. Simitar was a long-time leader in budget VHS throughout the 80s and early 90s. Reach Entertainment produced sports home video programs for Simitar. By April, 1997 Simitar was the first independent in the U.S. with DVD releases. In 1999, Simitar's revenues rose from $5 million to $40 million in just three years.

On March 9, 1999, Titan Sports, Inc.—the parent company of the World Wrestling Federation (WWF)– and its music licensee, The Cherry River Music Co., sued Simitar Entertainment for copyright infringement relating to WWF The Music, Vol. 3 and won. Subsequently, in 2000, Simitar folded due to problems in the music division; the company's total assets were $19,570,059, with debts of $25,556,878. Simitar auctioned off its assets later that year, including its film library, which sold to Brentwood Communications, Inc. (BCI) for $215,000. Ed Goetz and Greg Glass went to BCI to start a DVD division. In October/November 2003, BCI was purchased by Navarre Corporation. Naverre's assets have since been sold to Speed Commerce in 2012,[2] then to WYNIT Distribution in 2014.[3] Following the bankruptcy of WYNIT in 2017[4], Sereno Holdings acquired most of the company assets and relaunched Navarre Distribution as "Encore Software",[5][6] and it is currently this "new" Encore which owns Simitar and the other former BCI labels.

Simitar releases

Bob Hope
gollark: !quote 708948631381737483
gollark: Limited liability is good because it makes it safer to invest in things/have shares, but government bailouts of failing companies are bad because a company that cannot support itself on its own merits deserves to die.
gollark: It seems like a cruel strategy to apply to people, but these are limited liability corporations and thus probably incapable of suffering.
gollark: Bailouts incentivize companies to be WEAK. Only the strong must survive.
gollark: We should stop all bailouts of companies. Let the market take its course.

References
  1. Company Page (1997 archive)
  2. https://www.digitalcommerce360.com/2012/10/01/navarre-agrees-pay-50-million-speedfc/
  3. https://www.direporter.com/industry-news/wynit-acquires-navarre-speed-commerce-s-retail-distribution-unit
  4. https://www.greenvilleonline.com/story/money/business/2017/09/14/wynit-files-ch-11-bankruptcy-owes-least-106-million/666030001/
  5. https://trademarks.justia.com/owners/sereno-ventures-llc-3843970/
  6. https://www.trademarkia.com/company-sereno-ventures-llc-4950498-page-1-2
  7. https://www.youtube.com/watch?v=kLqa66eFwwA
  8. Amazon.com
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