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TV-Loonland Sells Korean Interest

TV-Loonland has sold its 72.6% interest in its SRE Corp. of Korea (formerly Saerom Entertainment Co. Ltd.) to the Seoul-based media company Moohandae Media Ltd. The companies are not disclosing the purchase price. During the 2001 financial year SRE posted losses of 1.1 million Euros, a figure significantly increased by declining revenues during the 2002 financial year, according to TV-Loonland. "Supporting the measures necessary for SRE's continued development across the great geographical distance and in another economic and cultural setting proved to be very difficult," Loonland disclosed in a statement. "This should be much easier and more successful for an owner which is located in the same country." A debtor warrant ensures TV-Loonland, based in Munich, Germany, will hold an interest in the SRE Corp's earnings for a period of five years. SRE, founded in 1997, focuses on direct sales of films, publishing and sales of VHS cassettes and DVDs and distribution of films via the Internet.