Thursday, April 13, 2006
Deal Approved for CNN's n-tv Stake Sell
Source: Associated Press Europe's largest broadcaster, RTL Group, said Wednesday it is acquiring full control of German 24-hour news channel n-tv from U.S. news channel CNN after the deal was cleared by antitrust authorities.
The German Cartel Office approved the move for RTL to acquire the 50 percent stake owned by Atlanta-based CNN, the European broadcaster said in a statement. It did not divulge a price.
"We welcome the decision of the cartel office and are excited that n-tv has become the most important member of the RTL family," said Anke Schaeferkordt, head of RTL Germany.
RTL and CNN have been joint owners of n-tv since 2002, with each holding a 50 percent stake.
Luxembourg-based RTL Group said in November it would acquire the remaining shares from Turner Broadcasting System Inc., the parent company of CNN. Turner is owned by New York-based Time Warner Inc., the world's largest media company.
# posted by ATN @ 1:07 AM 
