AOL Time Warner is doubling its interest in German music TV channel Viva Media by purchasing the stake held by British record label EMI Group.
The US media mammoth is paying €52.3 million ($51.2m; £34m) for EMI’s 15.3%, raising its holding in Viva to 30.6%, the largest single stake.
Established in 1993 by several major record labels, Viva’s aim was to prevent MTV repeating its stateside dominance of music TV in Germany, the world’s third largest market. Both sides claim market leadership.
AOL TW’s pre-emptive strike scuppers attempts to take control of Viva by fellow US media titan Viacom, owner of MTV.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff