Kids unit a hard sell for EM.Sport
EmptyCOLOGNE, Germany -- Shares in German rights group EM.Sport Media fell more than 10% Wednesday after the company said it was having problems selling off its kids entertainment division.
EM also has slashed the unit's price tag: re-evaluating its children's television rights library at €40 million ($58 million). The unit, which includes rights to German kids classics "Vicky the Viking" and "Tabaluga" had been valued by EM at €90 million ($131 million).
EM blamed difficulties in offloading the division on the ongoing international financial crisis and a buyers market for children and youth productions. Initially, EM expected to sell its kids division late last year.
Children's entertainment used to be the core business of EM, formerly EM.TV, but under CEO Werner E. Klatten, the company has shifted its focus to sports rights.
Shares in EM.Sport Media were trading down 10.4% at €2.50 ($3.60) by late afternoon Wednesday.