Thursday, November 24, 2005
CNN sells stake in Germany's NTV
Source: The Financial Press RTL Group is buying out CNN's 50-percent share in German news channel n-tv, taking its stake to 100 percent, it said on Thursday. It declined to name a price for the transaction, which is subject to approval from cartel and media regulators.
"N-tv is an important member of our family of complementary broadcasters," RTL said in a statement. "The planned step will give n-tv the necessary room for maneuver for the strategic challenges of the future."
RTL, Europe's biggest TV broadcaster, has 32 television channels and 31 radio stations in 11 countries. They include M6 in France and Five in Britain.
CNN, a division of global media conglomerate Time Warner Inc., became a shareholder in n-tv in 1993, a year after n-tv was launched. RTL and CNN have been 50-percent shareholders in n-tv since 2002.
RTL says n-tv attracts more than 5 million viewers per day, around 6 percent of Germany's population. It has less than 1 percent of the German TV advertising market.
"N-tv is an important member of our family of complementary broadcasters," RTL said in a statement. "The planned step will give n-tv the necessary room for maneuver for the strategic challenges of the future."
RTL, Europe's biggest TV broadcaster, has 32 television channels and 31 radio stations in 11 countries. They include M6 in France and Five in Britain.
CNN, a division of global media conglomerate Time Warner Inc., became a shareholder in n-tv in 1993, a year after n-tv was launched. RTL and CNN have been 50-percent shareholders in n-tv since 2002.
RTL says n-tv attracts more than 5 million viewers per day, around 6 percent of Germany's population. It has less than 1 percent of the German TV advertising market.
# posted by ATN @ 8:05 PM 
