Paper and plastics maker MeadWestvaco says it is selling its global media and entertainment packaging business.

The Richmond company said Friday it has signed a definitive agreement with Atlas Holdings to sell the business for $68 million in cash. The deal is expected to close September 30.

MeadWestvaco's media business specializes in innovative packaging for DVDs, music and video games. It operates under the names AGI Media, AGI Amaray and AGI Polymatrix. The business has about 1,450 employees with operations in the United States, England, Austria, France, Ireland, Germany, Poland, The Netherlands and Australia.

MeadWestvaco says the transaction will result in a pretax loss of about $125 million.

Connecticut-based Atlas Holdings owns companies in the consumer packaging, steel, pulp and paper industries.

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