Romanian media group Media Pro has reached an agreement with Germany’s TV-Loonland to acquire a controlling 50.1% stake in U.K. distrib Metrodome.
The deal for cash at 2.62 pence per share, values Metrodome at approximately £3.2 million.
Speculation had been rife that TV-Loonland was looking to sell Metrodome for months. The German company has retained a 10% stake in Metrodome to ward off any attempts to take the company, which is listed on London stock exchange’s AIM market, back into private ownership.
Metrodome topper Peter Urie will continue in his role following the takeover.
Romania-based Media Pro is one of the largest media groups in Eastern Europe with operations in cinema and TV production and services, film, as well as extensive distribution and exhibition divisions. It is majority-owned by Adrian Sarbu, who founded the multimedia company in 1991.