CHICAGO (AP) — Larry the Cucumber and Bob the Tomato are about to join forces with Rocky and Bullwinkle.
Classic Media has paid $19.3 million for the suburban Chicago company that created Bob and Larry and other cartoon stars of the popular "VeggieTales" series of children's books, music, video and games.
On Thursday, a federal judge in Chicago approved the sale of Big Idea Productions to New York-based Classic Media, which owns Rocky and Bullwinkle.
The bid approved by U.S. Bankruptcy Judge John H. Squires was nearly $12 million more than Classic Media's initial offer in August, just before Big Idea Productions announced it had filed for bankruptcy protection. The sale is expected to be completed in December.
The Lombard-based Big Idea, which launched the "VeggieTales" series about a decade ago, listed assets of $8 million and more than $43 million in liabilities in court filings.
With the winning bid, Classic Media will acquire Big Idea's intellectual property that includes the computer-animated cartoon characters, copyrights and trademarks and works in progress. Still to be resolved are details about the ownership of some licensing and distributor rights.
Big Idea was founded by Phil Vischer, the company's chief executive officer and main creative force. In the tales, singing and talking vegetables deliver a combination of entertainment and lessons rooted in the Bible.
The first video, "Where's God When I'm Scared?" was released in 1993, and Big Ideas was once the largest animation studio in the Midwest.
Since it was founded, Big Ideas has sold more than 30 million videos and DVDs. But last year the company lost more than $18 million, according to court filings.
The company's financial problems are in part due to the commercial failure of a feature film it released last fall, "Jonah: A VeggieTales Movie." Though praised by critics, the movie generated little or no return for Big Idea.
Terry Pefanis, the company's chief operating officer said Classic Media has indicated that it plans to produce new videos and other products.
"They will continue the brand and continue to support the mission of the company," Pefanis said.