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)