RTL Group has announced that it has completed the sale of its entire shareholding in Vancouver-based BroadbandTV to BBTV Holdings Inc, effective October 28, for €102 million (C$158.8 million).
The sale is consistent with RTL Group’s three-priority strategy – core, growth, alliances & partnerships – which includes continuously reviewing the Group’s portfolio and growing its European digital assets in the areas of streaming, advertising technology and digital video.
In 2013, RTL Group acquired a 51% shareholding in BroadbandTV for €27 million. Following this initial investment, RTL Group injected further capital into BroadbandTV amounting to €19.8 million (C$30.9 million) in the form of convertible notes.
These notes, including accrued interest, will be replaced by a new promissory note of the newly listed entity BBTV Holdings Inc. with a December 2021 maturity date.
