December 04, 2003 12:40am
Private Media Group Announces Acquisition of Broadcasting Ventures
Source: Private Media Group Inc.
by: Company Press Release
(BARCELONA, SPAIN) -- Private Media Group Inc. today announced the finalisation of a number of strategic acquisitions totaling $3.0 million. These acquisitions complete Private's establishment of its broadcast businesses in the Us and Latin American markets and allow Private to receive a larger share of future European broadcast income while guaranteeing current income from the European markets.
"Private has always run a profitable broadcast business. Since 2000 this business has grown significantly because of a partnership with a leading European channel distributor. Our goal has always been to consolidate these activities once they reached a critical scale. Today, with our entry into the profitable US market and success in the European markets, we are delighted to announce that we have acquired a number of key contracts and businesses which will allow Private to enhance both the profitability and scale of our broadcast assets." said Berth Milton, President and CEO of Private Media Group.
"According to industry sources, the US broadcasting market for adult pay-per-view exceeded $500 million in 2002. Despite the size and growth of this market there are only two meaningful channel providers in the Us and Private is delighted to become the third provider. As Private's investment in content and branding is already being amortized through our numerous product lines, broadcasting becomes a highly accretive venture for us."
About Private Media Group Private Media Group is a leading global adult entertainment company that distributes its content over a wide range of media platforms, including narrow and broadband Internet, DVD and video, magazines, broadcasting and wireless technologies. Private owns the worldwide rights to the largest archive of high quality adult content in the world, which it distributes physically in over 35 countries and digitally worldwide. For more information on the company, go to PRVT.com.
This release contains, in addition to historical information, forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current judgments of those issues. However, because those statements are forward-looking and apply to future events, they are subject to such risks and uncertainties, which could lead to results materially different than anticipated by the Company.
For further information about Private Media Group, please contact:
Alejandra Moore Mayorga
Phone: + 34 91 531 23 88
+34 670 799 335