June 15, 2009 (FinancialWire) — Point.360 (NASDAQ: PTSX) (Current Market Cap: $13.29 Mil.) a provider of media management services, said it has purchased an 18,000 square foot building in Hollywood for $4.75 million.

The company said it will use the acquired building to consolidate its Highland Ave. and Eden FX operations.

Haig S. Bagerdjian, the company’s CEO, said the purchase fixes Point.360’s facility costs for these operations “for the foreseeable future” and allows the company to avoid the need to negotiate long lease arrangements.

He said the deal would allow Point 360 to improve its annual EBITDA and cash flow by around $0.6 million each.

Point 360 financed $1.2 million of the purchase price with a 10-year mortgage, which provides for interest only payments at 7% per year with the principal being due on the tenth anniversary date.

Burbank, California-based Point.360 performs high and standard definition audio and video post production, creates virtual effects and archives and distributes physical and electronic Rich Media content worldwide. The company has seven locations in greater Los Angeles and New York.

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