South African media company Naspers said it has reached an agreement to sell its stake in the Greek and Cypriot pay-TV operation, NetMed to the Greek telecommunications company Forthnet SA. NetMed operates the FilmNet and SuperSport channels in both Greece and Cyprus.
The sale will be worth a total of €490 million. The company first announced its intention to exit the business in October last year. At the time, Naspers said the decision followed a review of its strategic investment priorities and its focus on emerging markets.
“The completion of the transaction is subject to a number of conditions, including the approval by Forthnet’s shareholders of a rights issue to partly fund the acquisition of NetMed. In addition, Forthnet will be required to raise debt funding. The transaction is subject to the risks typical of such capital raising,” Naspers said in a statement.
