euro adhoc: TV Loonland AG
Restructuring & Recapitalisations
TV-Loonland sells Korean holding SRE (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Ad hoc/Press Release TV-Loonland AG 17 March 2003
TV-Loonland sells Korean holding SRE
Munich, Seoul, 17 March 2003 - TV-Loonland AG, Munich, has sold its 72.6 percent interest in Korea's SRE Corporation to the Korean media company Moohandae Media Limited, Seoul. The parties have agreed not to disclose the purchase price. By virtue of a debtor warrant, TV-Loonland will hold an interest in the companys earnings for a period of five years.
TV-Loonland thereby parts with a loss-maker within the group. During the 2001 financial year, while earning revenues of 14.7 million Euros, SRE posted losses of 1.1 million Euros, a figure significantly increased by declining revenues during the 2002 financial year. According to TV-Loonlands managing board, supporting the measures necessary for SRE's continued development across the great geographical distance and in another economic and cultural setting proved to be very difficult. This should be much easier and more successful for an owner which is located in the same country. SRE Corporation (formerly Saerom Entertainment Co. Ltd.), founded in 1997, focuses on direct sales of films, publishing and sales of VHS cassettes and DVDs, and distribution of films via the Internet.
end of announcement euro adhoc 17.03.2003
Further inquiry note:
Ilona McLean Tel.: +49 (0)89 20 50 80 E-Mail: imclean@loonland.com
Branche: Media
ISIN: DE0005348403
WKN: 534840
Index: Nemax All Share
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