C21 MEDIA reports that what was formerly Entertainment Rights will operate as Classic Media. Subsidiaries Classic Media and Big Idea were acquired last month by Boomerang Media and private equity group GTCR.

Big Idea, owner of the VEGGIE TALES line, will continue to operate under its own name. Boomerang is under the management of Eric Ellenbogen and John Engelman, who founded Classic Media.

Boomerang plans to invest $200 million in equity capital into ER's franchises, which include CASPER THE FRIENDLY GHOST and HE-MAN.

-- By News Editor Annemarie Moody