| Former type | Media company |
|---|---|
| Industry | Media |
| Fate | Bankruptcy |
| Founded | 1980 |
| Founder(s) | Mickey Elfenbein, Philip Khives |
| Defunct | 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 |
| 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. Ed Goetz was the President of Simitar, Mark Elfenbein was VP Product Development, and Greg Glass was Director of Sales, Video & DVD. Simitar's address was: 5555 Pioneer Creek Drive, Maple Plain, MN 55359-9003.
Contents |
In 1980, 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, Cherry River Music Co. (owner of the World Wrestling Federation (WWF)) sued Simitar Entertainment for copyright infringement of WWF—The Music, Volume 3 and won. In 2000, Simitar folded/went bankrupt, due to problems in the music division. Simitar's Total Assets were $19,570,059. Simitar's Total Debts were $25,556,878. In 2000, Simitar auctioned off its movies. Brentwood Communications, Inc. (BCI) offered to pay $215,000 to acquire Simitar's movies. Ed Goetz and Greg Glass went to BCI to start a DVD division. In October/November 2003, BCI was purchased by Navarre Corporation.