COLOGNE — Dismissing rumors that Time Warner was planning to sell its stake in German news web N-TV, CNN Intl. prexy Eason Jordan told Daily Variety that neither CNN nor its parent company had any intention of backing out of the broadcaster.
According to recent German press reports, CLT/Ufa had been in talks with the Berlin-based N-TV for a possible share, and media watchers here had been expecting Time Warner to rid itself of the broadcaster in order to focus more on content.
Jordan added that CNN and Time Warner were intent on keeping N-TV, “especially now that it’s making a profit.”
N-TV, launched in 1992, broke even in 1998 and last year recorded revenues of DM 153 million ($81 million) and profits of around $9 million.
Estimates put Time Warner’s initial losses at around $200 million. CNN and parent Time Warner have a combined 50% share in the broadcaster.