F&M rides to RTV’s rescue

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.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety