Austrian group pays off debts of ailing Teutonic kidvidder
BERLIN — An Austrian investment group has picked up Germany’s financially troubled RTV Family Entertainment from publishing house Ravensburger.
As part of the deal, Vienna-based F&M is taking Ravenburger’s 89.3% stake in RTV. In addition, Ravensburger will invest EUR 1.2 million ($1.4 million) in RTV and pay off $3 million in loan guarantees to Deutsche Bank. It will also drop claims of some $14.4 million against RTV.
RTV creditors Deutsche and Baden-Wurttemberg Bank have agreed to drop demands for the same amount in exchange for a one-off payment of $3.6 million from RTV.
F&M will take over RTV’s remaining debt, using the company’s vast catalog of kids TV programming as security. Fellow German kidvidder EM.TV will continue to handle sales of RTV product.
RTV execs Markus Reischl, Torsten Weihrich and Raimund Koehler will receive a minority stake in RTV from F&M total-ing around 1 million shares in the Munich-based company.