German Electronics Retailer Acquires 24-7 Entertainment

Authored by Mark Hefflinger on March 25, 2009 - 10:07am.

London - 24-7 Entertainment, a European provider of online and mobile music, video and ringtone distribution, announced on Wednesday that German electronics retailer Media-Saturn Group has acquired a majority stake in the company.

Financial terms of the transaction were not disclosed.

Founded in 2000, U.K.-based 24-7 has license deals in place with over 12,000 record labels, and operates 41 download stores in 13 countries, for partners including TDC, CDON, Ex Libris and 3 Hutchison.

Media-Saturn Group operates 768 retail stores in 16 European countries, and saw net revenue of $25.8 billion in 2008.

"Being part of a major consumer electronics entity will afford us many opportunities for expansion including the convergence of digital entertainment services to the home and portable environment, which we believe will be greatly beneficial to all of our loyal customers," said Frank Taubert, CEO of 24-7 Entertainment.

http://www.media-saturn.com

http://www.247entertainment.com