IAC/InterActiveCorp To Sell Interest in Euvia Media
IAC/InterActiveCorp (NASDAQ: IACI) announced today that the company has reached an agreement to sell its 48.6% interest in Euvia Media to ProSiebenSat.1 Media AG ("Euvia") for a sale price of $204 million in cash (EUR 155 million at today's exchange rate of 1.32). ProSiebenSat.1 Media AG is the leading German television group and current owner of a 48.4% interest in Euvia.
IAC's interest in Euvia has been held through its wholly owned subsidiary, H.O.T. Networks GmbH i.L. Christiane zu Salm, Euvia CEO and chairwoman of the management board, has also agreed to sell her 3% interest, giving ProSiebenSat.1 100% ownership of Euvia.
Thomas J. McInerney, EVP and CFO of IAC and CEO of IAC Electronic Retailing, said, "Euvia has been an outstanding investment for IAC and we are pleased to have participated in its development as Germany's premier quiz channel. Given its strong growth and maturation over the past few years, the time is right to sell our position to its more natural owner, given ProSieben's substantial position in the German television industry. For IAC Electronic Retailing, the combined effect of this divestiture and the recently announced agreement to acquire Cornerstone Brands represents a redeployment of capital into a more strategic, fully owned business with greater long-term value to IAC, and the transactions taken together are accretive."
IAC will continue to operate Quiz TV in the UK, its wholly owned quiz television business which was launched in 2004 and is at an early stage of development.
The transaction is expected to close during the second quarter of 2005. About Euvia Media
Euvia is a German limited partnership that operates two television broadcasting businesses in Germany: 9Live, an interactive game and quiz show oriented television channel, and sonnenklar TV, a travel-oriented television channel. Euvia also sells packaged travel tours through sonnenklar TV and its related website. 9Live is distributed throughout Germany via satellite, cable and terrestrial antenna, and as of December 31, 2003, it reached approximately 27.8 million households. Sonnenklar TV is distributed throughout Germany via digital and analogue satellites and cable, and as of December 31, 2003, reached approximately 24.3 million households.
IAC operates leading and diversified businesses in sectors being transformed by the internet, online and offline... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at http://iac.com/.
CONTACTS: IAC Corporate Communications Andrea Riggs 212/314-7280 Deborah Roth 212/314-7254 IAC Investor Relations Roger Clark, Lauren Porat 212/314-7400
Safe Harbor Statement Under The Private Securities Litigation Reform Act Of 1995
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements relating to IAC's anticipated financial performance, business prospects, new developments and similar matters, and/or statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," "projects," "seeks," or similar expressions. These forward-looking statements are based on management's current expectations and assumptions, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those suggested by the forward-looking statements due to a variety of factors, including changes in business, political, and economic conditions due to the threat of future terrorist activity, actions and initiatives by current and potential competitors, the effect of current and future legislation or regulation, the ability to expand our reach into international markets, and certain other additional factors described in IAC's filings with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on IAC's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. IAC is not under any obligation and does not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.
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CONTACT: IAC Corporate Communications - Andrea Riggs, +1-212-314-7280,
or Deborah Roth, +1-212-314-7254, or IAC Investor Relations - Roger Clark, or
Lauren Porat, +1-212-314-7400
Web site: http://www.iac.com/