ProSiebenSat.1 Group sells Pay-TV company C More to Swedish TV4
Munich, June 16, 2008. ProSiebenSat.1 Group is to sell the C More Group AB to Swedish broadcaster TV4. The respective share purchase agreement was signed today. C More Group AB is the holding company for the Pay-TV activities of the ProSiebenSat.1 Group in Denmark, Finland, Norway and Sweden. The enterprise value underlying the transaction amounts to ca. SEK 3 billion. This corresponds to approximately EUR 320 million. The closing of the transaction is subject to approval by antitrust authorities.
Patrick Tillieux, COO, ProSiebenSat.1 Group: Free-TV is the core of our business. In that respect, the sale of C More fits our strategy. I am happy that we have found a strategic investor, for whose portfolio C More is an ideal complement.
Guillaume de Posch, CEO, ProSiebenSat.1 Group: There was great interest in C More from strategic as well as financial investors. We plan to use the proceeds from the transaction primarily for debt reduction.
Jan Scherman, CEO, TV4 AB: For the first time, we are now establishing ourselves in the premium pay market, a market that has developed with broader distribution and strong growth for several years. This will also contribute to decrease our dependence on advertising revenue.
Torsten Larsson, Chairman of the Board, TV4: C Mores different sports and movie channels are a perfect complement to the TV4 Group with a broad offer based on quality. This will benefit both TV4 as well as C Mores viewers in all countries, when C More now is getting a long-term industrial owner.
TV4 operates a number of Free- and Pay-TV channels in Sweden and is part of the Bonnier Group, a family-owned international media group based in Sweden with operations in more than 20 countries, including TV stations in Sweden and Finland.
ProSiebenSat.1 Group was advised in the transaction by Lehman Brothers. TV4 and Bonnier were advised by UBS Investment Bank.
Contact:
Julian Geist
Head of
Corporate Communications
ProSiebenSat.1 Media AG
Medienallee 7
D-85774 Unterföhring
Ph. +49 [89] 95 07-1151
Fax +49 [89] 95 07-1184
email:
Julian.Geist@ProSiebenSat1.com
Press release online:
www.ProSiebenSat1.com