TV-Loonland to sell Metrodome stake
50.1% stake to be sold to Romania's MediaProLONDON -- 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.