Todd-AO to Buy Video Services Company

Todd-AO Corp. of Los Angeles reached an agreement in principle to acquire International Video Conversions, a Burbank-based provider of videotape services, for undisclosed terms. Todd-AO said International Video Conversions specializes in duplication and conversions, including high-definition television, or HDTV. Substantially all International Video Conversions stock is owned by its chairman and chief executive, Ken Holland, who will enter into an employment contract with Todd-AO. The acquisition is expected to be completed by the end of March. Todd-AO had net income of $4.8 million, or 55 cents a share, on revenue of $62.9 million for the year ended Aug. 31. Shares of Todd-AO, which provides post-production services to the entertainment industry, rose 25 cents to close at $10.50 on Nasdaq.