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EUROPEAN TV GIANT IN LONDON IPO

News, 28 July 2000


European broadcasting group RTL, created less than three months ago by the merger of the television assets of three media companies - Pearson of the UK, Belgium's Audiofina and Germany's Bertelsmann – debuted on the London Stock Exchange earlier this week with a market valuation of £18 billion ($27.1bn).

The issue price of shares was €190 - slightly higher than expected. By Wednesday's close, the shares had fallen back to €170, reducing the valuation to €25.77bn ($24.22bn; £16.15bn).

Already Europe’s largest free-to-air broadcaster, RTL owns twenty-two TV channels and 18 radio stations across eleven European countries. Its largest shareholder is Bertelsmann with 37% of the equity; Audiofina holds 30% and Pearson 22%.

The company is already targeting acquisitions in Spain, Italy, Poland and Hungary.

News source: BBC Online Business News (UK)