Disney Publishing has acquired the assets of CrossGen Entertainment. The original bid was placed by an educational publishing division of Disney Publishing, with CrossGen's reading aids (see 'Interview with Crossgen's Mark Alessi') seen as among the more valuable assets. These reading aids were reportedly getting some traction prior to Crossgen's bankruptcy, and had been of interest to more than one educational publisher. Disney Publishing President Deborah Dugan said of that aspect of the transaction, 'In light of recently reported declines in reading, we are developing creative new approaches using comics to engage children in the written word, and we hope to benefit from CrossGen's experience in this area.'
Disney also plans to make conventional products based on the CrossGen library, with Abadazad planned as the first property. Four Abadazad books will be published by Hyperion Books for Children, with other exploitations of the property apparently in the pipe. 'The most successful publishing properties also generate excitement throughout Disney, including its motion picture, television, and games units,' Dugan said. '...Abadazad lends itself perfectly to Disney's synergistic philosophy.'
With its assets liquidated, the Crossgen estate will now presumably pay off its DIP financing, fees, and a small portion of its secured debt as its final actions.