In June 2001, DIC Entertainment announced they would purchase Golden Books Family Entertainment for $170 Million and send them out of bankruptcy. However, DIC would pass off the purchase due to high costs and instead Golden Books Family Entertainment was eventually acquired jointly by Classic Media, owner of the catalog of United Productions of America (UPA) and book publisher Random House in a bankruptcy auction for the lower $84.4 million on August 16, 2001. In turn, Random House, and Classic Media gained ownership of Golden Books' entertainment catalog (including the family entertainment catalog of Broadway Video which includes the pre-1974 library of Rankin/Bass Productions and the library of Total Television) as well as production, licensing and merchandising rights for Golden Books' characters and the Gold Key Comics and Dell Comics catalogs, while Random House gained Golden Books' book publishing properties.