PROSIEBENSAT.1 GOES SHOPPING
By Staff Writer | May 23, 2001
German media firm ProSiebenSat.1 has acquired a 48.4 per cent stake in HOT Networks’ TV shopping channel subsidiary Euvia Media for around E67 million. Under the terms of the deal, ProSiebenSat.1 will also loan Euvia a total of E112 million to help launch new channels, such as the travel channel which the company is planning to roll out next year. Euvia’s TM3 channel will also shift its focus to provide more live entertainment, along with interactive elements. ProSiebenSat.1 said in a statement it hopes that Euvia would hit profitability by 2004 and that ‘a double-digit return on sales before taxes was possible by 2005.’