Nickelodeon picks up Turtles for $60m

Nickelodeon has acquired global rights to 25-year-old property Teenage Mutant Ninja Turtles for US$60m and plans to develop a new series based on the superhero franchise.

Nickelodeon will also develop a new CGI-animated television series based on the franchise, purchased from The Mirage Group and 4Kids Entertainment, which will premiere in 2012.

In addition, a new Teenage Mutant Ninja Turtles feature film will be released in 2012, produced in partnership with Viacom’s Paramount Pictures. Nickelodeon has also acquired all merchandising rights to the property and will continue to work with its long-standing toy partner, Playmates Toys.

“Teenage Mutant Ninja Turtles shares a comedic sensibility with the Nickelodeon DNA, with added layers of action and fantasy that have kept this property an evergreen favorite with multiple generations of audiences,” said Cyma Zarghami, president of Nickelodeon/MTVN Kids and Family Group.

Teenage Mutant Ninja Turtles was created in 1984 by Kevin Eastman and Peter Laird as a comic book series. It went on to become a hit animated TV show, a live-action series and later spawned four movies.