BERLIN — U.S. companies are starting to compete with Germany’s upstart pack of listed media companies by buying into local shingles.
According to a release issued Monday, the U.S. independent producer Team Communications has signed a letter of intent to acquire a 10% stake in German producer Cologne Gemini Filmproduktion.
Team, which recently opened offices in Munich, will initially take 5% of the company for $1.3 million, with an option to up the stake to 10% by the end of next year.
The new partners have initiated a joint development fund for the production of telepics. With an initial $1 million in place, the companies aim to raise up to $50 million through the fund.
Already listed on the Nasdaq exchange, Team will float on Germany’s Neuer Markt on Nov. 29.
Germany’s own batch of listed media companies have bought into an increasing number of local and international media companies since the trend of going public kicked in last year.