Digest: TMG controls ATV; Hasbro transforms
EmptyTMG controls ATV
Herbert Kloiber's Tele Munchen Group has taken control of Austrian commercial TV channel ATV, acquiring an additional 42.4% of the channel from Bawag bank. The deal, which TMG valued "in the low-double-digit millions (of euros)," gives Kloiber 98% of ATV. The move had been expected. German commercial channels RTL and Sat.1 also had been eyeing ATV, but pulled out of the bidding for Bawag's stake early on, leaving Kloiber as the only viable buyer. Kloiber now plans to build up ATV to make it a real player in Austria. Currently, the Vienna-based channel has about 3% of the Austrian market.
Toymaker Hasbro on Monday reported a 62% increase in its third-quarter profit, fueled by sales of "Transformers" movie toys and its Playskool brand. Earnings rose to $161.6 million, with revenue up 18% to $1.2 billion. Hasbro's shares fell over concerns about how it will drive sales next year, Needham & Co. analyst Sean McGowan said.