TV-Loonland to sell Metrodome stake

50.1% stake to be sold to Romania's MediaPro

LONDON -- Metrodome's German parent, TV-Loonland, is set to sell a 50.1% stake in the U.K. distributor to Romania's MediaPro in a deal that values Metrodome at 3.2 million pounds ($6.2 million).

The announcement marks the end of a long sale process for struggling TV-Loonland, which recently announced the sale of its Hasbro Classics library back to the toy manufacturer for $7 million.

MediaPro said that Metrodome acquisition is part of its overall growth strategy and that it will work closely with Metrodome to continue developing its U.K. distribution business.

Metrodome's key executives -- managing director Peter Urie and finance director Steve Winetroube -- will stay in place and the intention is to keep the AIM-listed company public.

But Metrodome chairman Simon Flamank, who also tops TV-Loonland, is stepping down, to be replaced by Mark Webster, vp of business development at MediaPro.

MediaPro intends to raise additional funding using Metrodome's AIM quotation and to make further media acquisitions.
comments powered by Disqus