A Greek television network has acquired a 5% holding in MIHL`s Mediterranean pay-television platform NetMed NV for $12.3 million.
Antenna TV, which owns and operates the Greek television broadcast network, has agreed to acquire a 5% interest of NetMed NV for $12.3 million.
MIHL, which holds NetMed, is the Nasdaq- and Amsterdam-listed subsidiary of local company MIHH. It is also a majority shareholder in Open TV, an interactive television and media solutions company.
Antenna TV has the option to increase its stake to 15% within two years at fair market value. In addition, Antenna TV will become a primary pay-television programme provider to the NetMed platform.
NetMed has been operating in Greece and Cyprus since the early 1990s. In December 1999, it launched Nova, which is the first digital platform in Greece and now has over 70 000 subscribers.
Antenna TV recently acquired interests in three Bulgarian media. The company has also begun to establish a presence in the Internet industry in Greece.
MIHL management says the cash injection from Antenna TV will be invested in the ongoing development of the digital platform.
Locally MIHH is looking to leverage its holding in Open TV when it launches its interactive TV offering to SA, which will have t-commerce facilities as well as e-mail options.
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