RTL Group has completed the sale of its entire shareholding in Vancouver-based BroadbandTV to BBTV Holdings for €102 million (C$158.8million).
RTL Group says the sale is consistent with its three-priority strategy –core, growth, alliances & partnerships –which includes continuously reviewing the Group’s portfolio and growing its European digital assets in the areas of streaming, advertising technology and digital video.
In 2013, RTL Group acquired a 51 per cent share holding in BroadbandTVfor €27 million. Following this initial investment, RTL Group injected further capital into BroadbandTV amounting to €19.8 million in the form of convertible notes. These notes, including accrued interest, will be replaced by a new promissory note of the newly listed entity BBTV Holdings with a December 2021 maturity date