Anime distributor's president to receive compensation if sale is completed

Navarre Corporation, the Minneapolis-based parent company of North American anime distributor Funimation, held a shareholders meeting on Wednesday and announced that the company "received six indications of interest" from possible buyers of Funimation. Navarre expects that final offers will arrive within 30 to 60 days, but it cannot guarantee that these offers will lead to a transaction.

The CEO and president of Funimation, Gen Fukunaga, started a new contract on May 27 since his previous five-year contract ended on May 10. With the agreement, Fukunaga must cooperate and participate in the efforts for the potential sale of Funimation. If Funimation is sold during Fukunaga's contract, he will receive a "transaction success fee" of US$250,000 or 5 percent of certain transaction proceeds, whichever is greater.

Navarre announced in May that it was evaluating the possible sale of Funimation. Navarre emphasized that "Funimation's recent results have generally met expectations," but CEO Cary L. Deacon said that Navarre will be focusing its strategy on its distribution and software publishing businesses.

Thanks to dynasore for the news tip.

Source: Navarre