Another acquisition...cable in Romania!
Hey, if I had $310,000,000.00 in my pocket, I'd want to go shopping, too!
Metromedia Buys Cable TV Network in Romania
November 14, 1997 12:04 PM
STAMFORD, Conn.--(BUSINESS WIRE)--Nov. 14, 1997--Metromedia International Group Inc. AMEX through its wholly owned subsidiary, Metromedia International Telecommunications Inc. (MITI) announced today that it has acquired TV Quattro, a Romanian cable television network, for an acquisition price of approximately $26 per home passed or $315,000.
TV Quattro, established in 1992, is in the Floresca section of Bucharest, one of the wealthiest sections of that capitol city. The Floresca network is contiguous with other wired networks already owned by MITI joint ventures.
"Demand for cable programming is high in Bucharest," said Stuart Subotnick, president of MMG, "and the efficiencies for our business, obvious. By interconnecting this network to an already existing network we own, we can expand rapidly at less cost than if we were to build a network from scratch."
MITI affiliated companies now service approximately 72,000 subscribers in Romania through four channels that carry Metromedia Entertainment Network programs which are subtitled into Romanian, along with a series of satellite programs.
Metromedia International Group is a global communications and media company which, through MITI, is engaged in the development and operation of communications businesses, including wireless cable television systems, AM and FM radio broadcasting, radio paging services and various forms of telephony services including: wireless local loop telephone services, GSM cellular telephone services, an international toll calling service and trunked mobile radio services. MITI owns and operates 42 joint ventures in Eastern Europe, republics of the former Soviet Union, the People's Republic of China and other selected emerging markets. |
