Business Services Industry
Modern Times Group MTG AB completes sale of TV Shop Europe AB to Guthy-Renker Corporation
Nordic Business Report, June 22, 2007
NORDIC BUSINESS REPORT-22 June 2007-Modern Times Group MTG AB completes sale of TV Shop Europe AB to Guthy-Renker Corporation(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Swedish media group Modern Times Group MTG AB (MTG) said on Thursday (21 June) that its business MTG Home Shopping AB has completed the sale of its subsidiary TV Shop Europe AB to Guthy-Renker Europe AB, part of the direct response television company Guthy-Renker Corporation.
The deal was initially announced in May, when MTG reported the debt-free sales price as SEK70.3m.
TV Shop reported net sales of SEK348m in 2006 and an operating profit of SEK0.3m.
Modern Times Group, headquartered in Stockholm in Sweden, is an international entertainment broadcasting group with operations in more than 30 countries. The group's Viasat TV channels reach over 90 million people in 22 countries across Europe. Modern Times Group is listed on the Nordic Exchange in Stockholm.
One British pound (GBP) is worth approximately 13.97 Swedish kronor (SEK).
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