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EM.TV Offloads Crown Stake

News, 31 July 2001

Beleaguered German media group EM.TV yesterday revealed it has sold its stake in US counterpart Crown Entertainment to Hallmark Entertainment.

The deal will procure $90 million plus an extra $13m in “various agreed payments” for the debt-laden EM.TV, whose director Rainer Hüther commented: “The inflow of funds will make it possible for us to considerably reduce existing bank loans and improve our long-term liquidity.”

Although the Crown deal was prepared under old ceo Thomas Haffa – who stepped down last week [WAMN: 25-Jul-01] – his successor Werner Klatten has revealed he will consider selling several of the company’s shareholdings.

News source: Handelsblatt (Germany)