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INVESTMENT GROUP ACQUIRES EDR; CHARTS FUTURE GROWTH
- A private Nevada-based investment group has acquired
EDR CORPORATION, along with its media production facility
Beachwood Studios.
- The investment group is made up of Technik & Trade
(an international consulting group), Telecine Multimedia,
Inc. (a Montreal-based media production company),
and other investors from other parts of the country.
- Peter Vrettas, EDR Corporation’s past President, now
majority owner and CEO of the new company, brought
the group together to acquire the key assets and businesses
of the media production company and fund the growth
of the new company.
- The new company is named EDR MEDIA LLC and will focus
on the profitable businesses and operations of the
predecessor company. The entire Beachwood-based staff,
along with sales offices in Los Angeles and Las Vegas
will be kept in place.
- The company will continue to operate the successful Beachwood
Studios media production facility, the largest of
its kind in the region. The facility produces television
programs and commercials, as well as media programs
for a variety of non-broadcast applications.
- EDR Corporation has been a key player in the electronic
media business in Cleveland for 35 years. It has a
long history of media development for corporate communications
and training and in 1989 opened a $5 million media
production center in Beachwood. The company also had
an equipment division that installed media centers
for major clients. By 2002 the company had closed
the division and began a process of returning to its
core business of developing high-impact media content
for Broadcast and Business applications.
- EDR MEDIA will continue to focus its business on three
market segments: Broadcast Entertainment, Private
Media Networks (Narrowcasting), and Creative Services
for advertising and corporate communications.
- Since its reorganization, the company has been operating
profitably and acquiring new clients including Best
Buy, Gateway, Muvico, and Red Lobster. In addition,
the company has been working on major advertising
campaigns for Stern Advertising (Pearle Vision, Ohio
Lottery & McDonald’s) and Liggett Stashower
(Cedar Point).
- In particular, the company has embarked on a new business
of building and managing promotional and advertising
media networks for large retailers (Narrowcasting).
EDR recently won a merchandising achievement award
from the Point-of Purchase Advertising Institute (the
first awarded for narrowcasting) for its digital displays
at Best Buy. The Best Buy project was also featured
in the August 2003 issue of POP Times magazine.
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