MME Moviement acquires time2talk
EmptyCOLOGNE, Germany -- MME Moviement, one of Germany's largest television production companies, has acquired local talk show specialist time2talk for about €1 million ($1.3 million).
The deal was announced Monday as MME presented its nine-month earnings, which showed steady revenue and profit growth.
MME booked a pre-tax (EBIT) profit of €4.5 million ($5.9 million) on revenues of €61.7 million ($81 million) in the first nine months of 2006. This compares to sales of €57.9 million and an €3.9 million EBIT over the same period last year.
The deal for time2talk, which produces local talk shows like "Vera in the Afternoon" for Sat.1, was signed Friday between MME and time2talk owners Vera Int-Veen and Ulrich Hansbuer.
The price tag will be four times time2talk's average EBIT after a three year earn out period, MME said, a deal that will work out to around €1 million ($1.3million). MME will pay the bulk out of regular cash flow, with around 15% coming in the form of MME shares.
Int-Veen and Hansbuer will remain on as managing directors of time2talk, together with MME managing director Markus Schaefer.
MME said the deal would further strengthen its programming slate in the "key strategic area of daily shows" and that it would be looking to export time2talk formats to other European territories. Hansbuer has already successfully exported one of his talk show formats to Poland, where it runs under the titles "Cala Prawda" on TV4.
MME shares slipped 1.6% in early afternoon trading Monday to €4.77 ($6.26).