Ringier exits Teleclub
Jörn Krieger | 27-09-2012
Swiss media company Ringier has decided to sell its participation in Swiss pay-TV broadcaster Teleclub.Majority shareholder Cinetrade will take over its 33.3% stake, Ringier announced in Zurich. Financial details have not been disclosed.
The move, which will take place at the end of September 2012, is a portfolio revision as part of the reorganisation of its entertainment business, according to Ringier. The company stressed that television would still remain a topic of strategic importance for it in future.
With the acquisition of Ringier's shares, Teleclub will become a 100% subsidiary of Cinetrade. The movie and TV rights dealer is 49% owned by national Swiss telco Swisscom.