Sale of EM Entertainment Unit To Studio 100 Done
Created 07/17/2008 - 23:00
The sale of the entertainment unit of EM.Sport Media AG to Studio 100, a Belgian media company, was completed today.
The sale was approved by the antitrust authorities in charge, as well as the Bavarian Regulatory Authority for Commercial Broadcasting and the Commission on Concentration in the Media.
The sales price of the entertainment unit is 41 million Euros (cash-free/debt-free). Working capital adjustments may still have a positive effect on the overall selling price. Furthermore EM.Sport Media will also retain future proceeds from claims against the insolvency administrator of KirchMedia, amounting to around 2.5 to 4 million Euros.
With the completion of the sale, Werner E. Klatten, CEO of EM.Sport Media AG, resigns from the management of EM.Entertainment and Junior.TV.
With immediate effect, Patrick Elmendorff, General Manager of Studio 100 Media, and Hans Bourlon, CEO and co-shareholder of Studio 100, will take over as new managing directors of both companies. For a transitional period of two to three months, the companies will continue to operate under their old names. As part of the existing sales cooperation between Studio 100 Media and EM.Entertainment, Elmendorff last headed the joint distribution team of both companies.