Sale of tm3 to Murdoch made much coin
BERLIN — Germany’s Tele Munchen announced Monday record results and a capital increase of DM60 million ($28.7 million), saying it was transforming the company into an “AG” form necessary for an IPO.
TMG’s revenues reached $197.8 million, up from $183.5 million the previous year. Company ascribed the increase in revenues in part to the sale of mini-web tm3 to Rupert Murdoch. Takeover was given the greenlight by German media watchdog the KEK last week.
Profits from second-generation web RTL 11, which increased threefold last year, were also key to the results.
Investments of $143.4 million, TMG said, had solidified its position as one of Europe’s leading rights traders and boosted its motion picture library to some 3,000 titles.
Company is looking to an agreement with cable network operator Primacom under which it will develop special interest channels and a minority stake in U.S. Internet community Zoggle.com for future growth potential.
TMG is owned 45% by kidvidder EM.TV & Merchanding and 55% by Herbert Kloiber.