TV-Loonland Reaches Deal for Metrodome Stake

MUNICH/LONDON, May 16:
TV-Loonland has reached a deal to sell off a 50.1-percent stake in U.K.-based
film distributor Metrodome Group to Romania’s MediaPro Management.

MediaPro is purchasing the
50.1-percent stake from TV-Loonland’s existing 61.7-percent holding for 2.62
pence per share. The deal values TV-Loonland’s entire stake at approximately £2
million.

MediaPro has announced a
mandatory public offer of 2.62 pence per share for all the outstanding shares
of Metrodome. The offer will run for a period of 21 days, following which,
TV-Loonland’s remaining 11.6-percent shareholding will either be acquired by
MediaPro Management or sold in the market.

Simon Flamank, the CEO of
TV-Loonland, commented: “The effect of this transaction coupled to the earlier
announcement this week about the sale of the Hasbro Library back to Hasbro has
enabled the group to repay all of its remaining 5 million euros of bank debt
and therefore become a debt-free business for the first time in the past seven
years, which was always our first objective.”

“We will now consider
further the various alternative scenarios which may exist for the remaining
core children’s animation business and in particular the new properties that we
have been developing.”

Flamank will step down as
the chairman of Metrodome.

—By Mansha Daswani