Execs blame high expense
COLOGNE — German media companies Film and Music Entertainment (Fame) and RTV Family Entertainment on Tuesday became the latest firms to join the exodus from public listing on the Neuer Markt.
Fame has asked Neuer Markt parent Deutsche Boerse to transfer it to the regulated stock exchange July 31.
Execs attributed the decision to the high cost of remaining on the Neuer Markt: the Deutsche Boerse imposed tougher trading standards on Neuer Markt companies to restore credibility after a series of scandals including alleged insider trading by Teutonic kidvidder EM.TV. Execs also blamed a difficult market environment.
RTV blamed significant expenses for its decision to change to the regulated market at the earliest possible date.
The kidvidder was saved from bankruptcy last week by a $2 million loan from parent Ravensburger. RTV also announced that it is withdrawing from Dutch subsidiary Off the Fence, transferring its shares to former owner and managing director Ellen Windemuth.
RTV has hired Fredrik Henzler of consultant Brain Net Management to help the company’s reconstruction.
Meanwhile, TV producer Brainpool was taken off the stock market after the completion of its takeover by music web Viva.