Passari - Echelon Entertainment has completed its auction of assets and intellectual property in an effort to save parent-corporation Kaalakiota Corporation from future loan defaults. In total, the corporation has sold off approximately 35% of its physical assets and 55% of its intellectual property catalog.
The largest buyer has been Echelon-rival Nugoeihuvi Corporation, which purchased several of Echelon's more prominent holoreel rights and current affairs series, as well as the Caldari Financial News channel and This is the State program. Nugoeihuvi released a statement saying it plans on "retooling many of the current properties to fit the NOH brand" while assuring consumers "disruption to your favorite programs shall be minimal as we bring our expertise to the situation."
Other items were snapped up by a variety of buyers, including the other five megacorporations, Amarr Certified News, Egonics Inc, Impetus, the Scope, and several private buyers, including one Amarr Holder who purchased all rights to a holoreel series on animal husbandry.
Echelon stock sharply dropped in response to the sales, as industry analysts claim the loss of rights will cost Echelon billions of ISK in revenue. Echelon itself has released a statement saying it has "divested itself of properties which were waning in value" while the corporation plans on "refocusing on a body of work which has been trimmed of needless fat."