Sanoma acquires Benelux TV operations from ProSiebenSat.1 with prominent partners
Stock Exchange Release 20/4/2011 04.50
Sanoma has agreed to acquire the SBS free-to-air TV assets in the Netherlands
and Belgium from ProSiebenSat.1 together with a strong consortium of local
partners. For the Dutch transaction, Sanoma has entered into a partnership with
Talpa Media. For the Belgian acquisition, Sanoma has partnered with Corelio and
Wouter Vandenhaute & Erik Watté. The enterprise value of the transaction totals
EUR 1,225 million. The acquisition of the Dutch activities is subject to the
approval of the Netherlands Competition Authority (NMa). The entire transaction
is estimated to be finalised during the summer.
The Dutch activities of SBS will be acquired together with Talpa Media, the
holding company of the TV entrepreneur John de Mol. Sanoma will have 67% and
Talpa Media 33% of the shares in the joint company. In Belgium, Sanoma will team
with the media group Corelio and Wouter Vandenhaute & Erik Watté, the founders
of Woestijnvis, a leading TV production company in Flanders. Each partner will
hold a 33.3% share of the company.
The net sales of the acquired companies totalled EUR 404 million in 2010 (pro
forma, unaudited) and their operating profit was about EUR 110 million. Sanoma´s
share of the new operations will be reported in the Sanoma Media division. For
the Netherlands, Sanoma will consolidate 100% of SBS. The current Dutch SBS
management will report to a new established Supervisory Board, four members of
which are appointed by Sanoma and two by Talpa Media. The Belgian SBS activities
will be part of De Vijver, which will be headed by Wouter Vandenhaute. The
partners will establish an Executive Board with three members from each company.
"Sanoma has the ambition to build strong media positions in its core markets.
With this significant TV acquisition, Sanoma will become a leading media player
in the Netherlands and considerably stronger in Belgium. Our strong brands and
content know-how from our magazines and our high-class digital operations
combined with the SBS TV activities and the creative programming expertise from
our partners are perfect building blocks in a transforming media landscape, and
allow us to offer new services and solutions across media, " says President and
CEO of the Sanoma Group Harri-Pekka Kaukonen. "We believe that by combining our
media assets in a new way in the future, we will create a true next generation
media offering."
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