Simitar Entertainment
| Media company | |
| Industry | Media |
| Fate | Bankruptcy |
| Founded | 1984 |
| Founder | Mickey Elfenbein, Philip Khives |
| Defunct | May 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 |
| Subsidiaries | Pickwick Records |
|
Footnotes / references 1 At time of bankruptcy in 2000 |
|
Simitar Entertainment, Inc. was a media company that sold music, videos, DVDs, and computer software. They specialized in compilation albums, special interest video, and urban. Simitar distributed its own label. They were affiliated with Beast, Beast Retro, Pickwick, Plum, and Revival.
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, Volume 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.
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