Herbert Kloiber's Tele-Munchen Group Ups Stake in Odeon Film
COLOGNE, Germany – Herbert Kloiber’s Tele-Munchen Group (TMG) has increased its stake in Odeon Films, buying up 850,000 shares in the indie production group to boost its holding from 33 percent to 40 percent.
TMG first bought into Odeon this summer. Kloiber’s company is Odeon’s second largest shareholder behind investment group GFP, which controls around 42.4 percent. Odeon subsidiaries include H&V Entertainment, Monaco Film, Odeon TV, Novafilm and Nostra Film.
Together, Odeon’s holdings have produced some 78 German TV series amounting to some 2,600 episodes and 43 feature films, most recently the sleeper hit Summer in Orange, which has grossed around $4.5 million at the German box office.
Overall, however, revenue at Odeon was down some 13 percent in the first half of this year to $17 million (€12.6 million) and the group booked losses of around $945,000 (€700,000) for the period. TMG also controls German distributor Concorde, exhibition group CinemaxX and free-to-air network Tele-5.