EM.TV announces expansion plans
EmptyMUNICH -- Only a month after announcing the planned sale of its entertainment division, German media group EM.TV said Monday that it plans to expand through investment and acquisitions.
Company CEO Werner Klatten said EM.TV is interested in expanding production operations for TV, pay TV and the Internet and that it will likely acquire established firms to kick-start the process.
One potential target is the TV production division of leading German commercial broadcaster ProSiebenSat.1. Klatten and ProSieben would not say whether they are in talks over a possible sale.
EM.TV is still assessing offers for its entertainment division. Once the company's core business, the company's entertainment segment consists of some €80 million ($108 million) in rights to kids TV series, including such classic titles as "Pippi Longstocking" and "Heidi" as well as fully and partially owned production subsidies around the globe.
Klatten said that cash from the division's sale, along with about €100 million ($135 million) in outside capital will form the war chest for EM.TV acquisitions.