EmptyKohlberg invests in Aussie TV
Private-equity giant Kohlberg Kravis Roberts is setting up an AUS$4 billion ($3.1 billion) TV, magazine and online joint venture with Australia's Seven Network Ltd., marking the firm's first foray into Australia's media sector. The move gives Australia's No. 2 TV broadcaster cash for possible takeovers next year, when a new-media law takes effect that allows owners of newspapers, radio or TV operations to own a business in another of these segments in the same market. "The business has tremendous momentum and is well positioned to benefit from changes in the media environment," KKR founding partner George Roberts said. KKR, one of the owners of VNU Group, parent company of The Hollywood Reporter, is investing AUS$735 million for a 50% stake in the joint venture, Seven Media Group, while Seven Network will receive cash of about AUS$3.2 billion for its assets going into the venture and also hold a 50% stake.
Majestic in Groenewold's fold
COLOGNE, Germany — German financial wunderkind David Groenewold added another piece to his cross-media group Monday, transferring 51% of new Berlin-based distributor Majestic Filmverleih and producer Majestic Filmproduktion to his production group Odeon Film. Groenewold set up the Majestic companies this year with his partner and former Senator Film executive Benjamin Herrmann.