Entertainment One Completes Sale of All Operations

On March 29, 2007, Entertainment One Income Fund (TSX:EOF.UN), a major distributor of home entertainment products, completed the sale of all of its Canadian and US operations to Earl Street Capital Ltd.

Aird & Berlis LLP acted for Entertainment One on the sale.

The purchase price is approximately $190,000,000 and the cash portion will allow cash to be received by unitholders of Entertainment One of approximately $3.60 per unit.  As soon as practical after closing, the trustees of Entertainment One commenced the distribution of the net cash proceeds from the sale and the wind-up of Entertainment One and all of its subsidiaries which are not sold to Earl Street.

The A&B team was led by Martin Kovnats and included for Banking: Sam Billard and ;  Corporate/Commercial: Lisa Angeli, Tom Fenton, Jeff Merk, and Morli Shemesh; Regulatory: Bill VanderBurgh; and Tax: Carol Burns, Barbara Worndl and Melanie Yach.