Time Warner Inc. said it has completed the sale of its compact-disc and DVD-manufacturing division to Cinram International Inc., a Toronto manufacturer of CDs and DVDs, for $1.05 billion in cash.
The proceeds of the sale will go toward paying down Time Warner’s existing debt.
As part of the deal, first announced by Time Warner in July, Cinram will receive manufacturing plants in Pennsylvania and California, and it gains the rights to manufacture, print, package and distribute CDs and DVDs for Warner Home Video and Warner Music Group in North America and Europe, as well as for New Line Home Entertainment in North America.
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