Ringier sells Teleclub shares
Ringier exits pay TV provider Teleclub. The media company sells its one-third stake in Cinetrade.
The portfolio streamlining as part of the reorganization of the entertainment division at Ringier will take place at the end of September. The media company held a minority stake of 33.3 percent in the Swiss pay-TV provider. Ringier wrote this in a press release on Wednesday. Television, however, remains an issue of strategic importance for Ringier.
With the acquisition of Ringier's shareholding, Teleclub will become a wholly owned subsidiary of CT Cinetrade, which already held two-thirds of the shares. The parties have agreed not to disclose the purchase price.
Teleclub was founded in Switzerland in 1982 and shows an extensive feature film program on its channels, including 360 theatrical films as TV premieres each year, TV series and documentary channels, and over 4,000 sports events.
