Firm offloads independent film distributor to MediaPro Management of Bucharest, Romania.Just days after revealing it has sold its rights in Hasbro Classics Library to Hasbro for $7 million, TV-Loonland has confirmed the sale of its shareholding in independent film distributor Metrodome.
The deal has seen MediaPro Management - one of the leading media and entertainment groups in Romania - initially purchasing a 50.1 per cent stake in Metrodome Group from TV-Loonland's existing 61.7 per cent holding at a price of 2.62 pence per share.
The deal values TV-Loonland's entire stake at approx £2.0 million.
In accordance with Rule 9 of the UK Takeover Code, MediaPro has also announced a mandatory public offer at 2.62 pence per share for all the outstanding shares of Metrodome.
This mandatory public offer will run for a period of 21 days, following which, TV-Loonland's 11.6 per cent shareholding will either be acquired by MediaPro at the same price as the public offer, or sold in the market depending on the level of acceptances from the offer.
Simon Flamank, CEO of TV-Loonland, said: "The effect of this transaction coupled to the earlier announcment this week about the sale of the Hasbro library back to Hasbro, has enabled the group to repay all of its remaining E5 million 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."