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German Music Video Network VIVA

Viacom Bids to Acquire German Music Video Network VIVA

Authored by Mark Hefflinger on June 24, 2004 - 7:44am.
Frankfurt, Germany -- Media conglomerate Viacom, which owns CBS, MTV Networks, Paramount Pictures and other media businesses, announced on Thursday that it has signed an agreement to acquire a 75.8% controlling interest in VIVA Media AG, a German operator of music video networks, for about $370.6 million. Viacom also offered to buy all the remaining outstanding shares in VIVA for $15.39 per share. Viacom's MTV Networks Europe would manage the combined business, which includes VIVA channels in Germany, Poland, Switzerland, Hungary and Holland. "The acquisition of VIVA is a significant strategic initiative that would dramatically expand our position in Germany -- the biggest multichannel TV ad market internationally and a key driver of MTV's European growth plans," said Viacom co-president and Tom Freston. "In bringing together MTV and VIVA as one family, our local management will create a more diverse and exciting program offer for German TV audiences, while also tapping into the unique advantages of being part of our global network."
tags: Viacom | Acquire | Bids | German Music Video Network VIVA |