Printer Friendly

SCANDINAVIAN BROADCASTING SYSTEM SA ACQUIRES EQUITY INTEREST IN GE PROGRAM GROUP

 LUXEMBOURG, Aug. 19 /PRNewswire/ -- Scandinavian Broadcasting System SA (NASDAQ: SBTVF) announced today that it has signed a definitive agreement to acquire a 30 percent interest in GE Program Group (GE), which produces Sweden's most popular commercial television program and owns the nation's first interactive entertainment and games channel, TV 21. GE also owns two commercial radio stations in Sweden's second and third largest cities (Gothenburg and Malmo), and owns and operates Kanal Goteborg, the only local television station in Gothenburg.
 In commenting on the acquisition, Harry Evans Sloan, the chairman and chief executive officer of SBS, said, "The purchase of an equity stake in GE Program Group, which comes on the heels of our recent purchase of TV Odense in Denmark, is consistent with SBS's overall strategy to broaden and strengthen its position in the emerging Scandinavian commercial television market. The acquisition also marks SBS's entry into the interactive television arena and the region's commercial radio market.
 "Naturally, we feel extremely fortunate to be able to share in the phenomenal success of BINGO LOTTO, Sweden's most popular commercial television program. More than 2.5 million people, which equates to about a 40 percent rating, have been watching BINGO LOTTO for two hours every Saturday night in Sweden. The success of BINGO LOTTO will be extended to other countries by BINGO LOTTO International, starting with Norway where it is already available. Further, a similar strategy will be employed with TV 21, where its interactive applications will be developed for the international marketplace.
 "Perhaps of greater importance, however, is that this acquisition forges an alliance between SBS and Gert Eklund, the managing director and majority owner of GE who is widely recognized as one of Sweden's premiere television producers. His programming expertise and creative acumen will no doubt be of great benefit to SBS as we continue to upgrade our programming menus throughout our broadcasting system."
 Added Eklund, "We are both happy and excited to have SBS and its legion of television professionals join our team at GE Program Group. The potential is vast for cooperative projects in the future."
 Scandinavian Broadcasting System (SBS) is one of the first broadcasters to enter Scandinavia since commercial television was introduced to the region in 1988. SBS owns and operates four commercial television stations spanning Scandinavia. The company's stations include: TV Norge in Norway and TV5 in Sweden, national satellite-to- cable television stations that reach approximately 50 percent of the total viewing households in their respective countries, Kanal 2 in Denmark, an over-the-air television station that reaches over 87 percent of the total viewing households in greater Copenhagen, and TV Odense, which serves Denmark's third largest city. SBS also provides programming to and sells advertising for Kanal Denmark, a group of five local television stations, including Kanal 2, located throughout Denmark. Kanal Denmark reaches over 55 percent of the viewing households in Denmark. The company owns a 30 percent equity interest in GE Program Group, a Swedish television producer and broadcaster which owns the rights to and produces Sweden's most successful commercial television program, BINGO LOTTO; owns Sweden's first interactive cable channel, TV 21; owns and operates Gothenburg's only local television station, Kanal Goteborg, and two radio stations in Gothenburg and Malmo. Scandinavian Broadcasting System is listed on the NASDAQ National Market System and trades under the symbol SBTVF.
 -0- 8/19/93
 /CONTACT: Diana Brainerd or Cameron Thompson of Abernathy/MacGregor/Scanlon, 212-371-5999/
 (SBTVF)


CO: Scandinavian Broadcasting System SA ST: IN: ENT SU: TNM

DH -- NY009 -- 4194 08/19/93 08:58 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 19, 1993
Words:589
Previous Article:DIGITAL EQUIPMENT CORPORATION ANNOUNCES ITS INTENTION TO CLOSE ITS GERMAN STORAGE MANUFACTURING PLANT
Next Article:EXPERTS OFFER ADVICE, FREE SELF-ASSESSMENT GUIDE TO PROMOTIONS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters