MTV takes over Viva

24th June 2004, Comments 0 comments

24 June 2004 , COLOGNE - US media concern Viacom, owner of music video and entertainment channel, MTV, announced Thursday it has acquired three-quarters interest in German TV music company rival Viva Media. In an announcement accompanying its official bid, Viacom said it had already acquired 75.8 percent of Viva from major shareholders in offering EUR 12.65 per share. On Wednesday Viva shares had closed at EUR12. Among the major shareholders selling to Viacom were Viva company boss Dieter Gorny and the mus

24 June 2004

COLOGNE - US media concern Viacom, owner of music video and entertainment channel, MTV, announced Thursday it has acquired three-quarters interest in German TV music company rival Viva Media.

In an announcement accompanying its official bid, Viacom said it had already acquired 75.8 percent of Viva from major shareholders in offering EUR 12.65 per share. On Wednesday Viva shares had closed at EUR12.

Among the major shareholders selling to Viacom were Viva company boss Dieter Gorny and the music company Universal. The acquisition also includes Viva Media's production company Brainpool.

The deal must still be approved by regulatory authorities.

Industry analysts believed the cost of the acquisition may be around EUR 310 million.

In a parallel transaction, Viacom also acquired Time Warner's 49 percent stake in the television company Viva Plus Fernsehen GmbH.

DPA

Subject: German news

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