NASHVILLE, Tenn., October 18, 2000 – Ingram Entertainment Inc. (www.ingramentertainment.com), the leading national distributor of home entertainment products, has completed the acquisition of Major Video Concepts, Inc. (MVC) announced on October 9, 2000.
MVC, which was acquired from Indianapolis-based LDI Ltd., had sales of $266 million in 1999, primarily from the video rental business. MVC associates became Ingram Entertainment associates at the closing. MVC will take the Ingram Entertainment name on January 1, 2001.
With the acquisition, Ingram Entertainment’s run-rate revenue is projected at $1.5 billion. Gross revenues for the combined company are expected to be $1.3 billion in 2000.
The acquisition gives Ingram Entertainment 23 percent of the rental market share in the home entertainment industry; 17 percent of DVD sales; and 9 percent of VHS sales. Earlier this month Universal Studios Home Video named Ingram Entertainment one of two exclusive distributors for its rental products and one of three exclusive distributors for its sell-through products.
“The integration of MVC into Ingram is going well and moving quickly,” said David Ingram, Chairman and President of Ingram Entertainment. “We already have the two sales forces working together to service our many existing customers and to take advantage of the new opportunities created by the Universal decision.”
Product lines at Ingram Entertainment Inc. include prerecorded videocassettes, electronics, video game hardware and software, DVD hardware and software, audio books, accessories, and used prerecorded videocassettes. Ingram Entertainment Inc. has more than 1,300 associates who service more than 17,000 video specialty, mass merchant, drug and supermarket accounts. The company also provides exclusive third-party fulfillment for the Warner Retail Direct program and support services, including direct-to-consumer fulfillment, for Internet retailers.
Ingram Entertainment is headquartered in La Vergne, Tennessee and operates out of 28 U.S. locations. Ingram Entertainment Inc. is also the parent company of Action International Marketing L.P. (microcomputer and electronics wholesaler) and holds a controlling interest in Frank, Best and Ingram (advertising agency).