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Munich (pte051/16.06.2003/16:54) - Preferred shares in German media group ProSiebenSat.1 will soon be converted to common shares, reports the Financial Times Deutschland (FTD). According to ProSiebenSat.1 head Urs Rohner, the group's parent company KirchMedia is in favour of the transition.
The company's shareholders have been pushing for this transaction for some time, but KirchMedia has repeatedly requested this be postponed. A capital increase for the station is also planned. In the future, ProSiebenSat.1 will have to take care of its own film rights purchases, but long term contract between the ProSiebenSat.1 and KirchMedia will, however, guarantee the station good conditions, even after the KirchMedia film library is sold.
At the moment there are 97.2 existing common shares and just as many preferred shares in the group. Only common shares carry voting rights - KirchMedia holds 88.5 per cent of these.
Today's general meeting could make way for a capital increase of between 250 and 300m euros. The group's creditors Bayern LB, Commerzbank, HypoVereinsbank and DZ Bank plan to each hold three to four per cent of the station.
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