By Jonathan Easton
Czech investment group PPF has announced a deal to buy RTL’s Croatian operation.
The deal, which is being carried out via PPF’s subsidiary CME Media Enterprises, values RTL Croatia at €50 million(US$56.6million). CME will acquire 100 per cent of the broadcaster, and has secured the long-term rights to retain the use of the RTL brand in Croatia.
RTL said that it will benefit from royalties as a part of the long-term agreement, while shareholders will benefit from the cash proceeds in line with its stated dividend policy.
RTL Croatia operates three free-to-air TV channels – RTL Televizija, RTL 2 and RTL Kockica – along with pay TV channels RTL Living, RTL Passion, RTL Crime and RTL Adria as well as RTL Croatia World. The company also operates streaming services Play and Play Premium and music label RTL Music.
For CME, the deal complements its existing portfolio which includes Central European SVOD platform VOYO and a number of leading television stations in Bulgaria, the Czech Republic, Romania, Slovakia, and Slovenia.
The deal is subject to customary closing conditions, including regulatory approval from the Croatian Competition Authority and the Croatian Agency for Electronic Media. CME said that it expects to close the deal in mid-2022.
COO and deputy CEO of RTL Group Elmar Heggen said: “With its clear regional focus on Central and Eastern Europe and its commitment to editorial independence and integrity, CME is well equipped to further develop RTL Croatia. The sale is in line with our consolidation strategy and the best strategic option for RTL Croatia, its dedicated team and our shareholders.”
CME CEO for Czech Republic, Romania, Slovakia, and Slovenia, Didier Stoessel said: “As a PPF company, we are always open to interesting ideas for growth and investment and see that the Adriatic is a growing region with exceptional potential. We have a very successful operation with ProPlus in the region and I believe that these two Adriatic countries can work well in parallel. As in our other countries,we will focus on digitalization and local content creation, while continuing to excel in pluralistic and high-quality journalism.”
PARTNERSHIPS
Algbra Unveils Its Comprehensive Values-focused & Climate-impact Fintech With Strategic Mastercard Partnership
By Ron Chen, Senior Correspondent ASEEAN Region
A leading company in the FinTech industry, Algbra has recently announced a milestone partnership with Mastercard, which includes joining the payment network’s Priceless Planet coalition.
The announcement was made at Algbra: Decoded, an exclusive event hosted last week where the work of the FinTech over the past year was unveiled and where speakers included former Chancellor of the Exchequer and Kelly Devine, President of UK and Ireland at Mastercard, Lord Philip Hammond.
The terms of Algbra’s partnership with Mastercard includes support to grow Algbra’s card business as well as across global marketing projects. Algbra also joins the established community of worldwide financial institutions that are part of Mastercards’ network, as a direct participant, and will become an active member of the Priceless Planet Coalition – Mastercard’s global move to unite the efforts of merchants, banks, cities and consumers to make meaningful investments in preserving the environment.
Algbra, the world’s most ethical financial application, has been built to be inclusive, scalable, and to create borderless connections between communities. It is fully Shariah-compliant and prioritises making remittances faster and cheaper for communities across the MENA region. The company is a leader in focusing on values and has led the way in its initiative of requiring its technology partners to sign up to their ethical standards, including clarity on where consumers’ money is held and spent.
CEO of Algbra, Zeiad Idris said: “We are delighted to join forces with Mastercard in our shared mission to reach and positively impact communities around the world. Algbra is building a category-defining business that places communities and impact at its core, and this is made all the easier by partnering with a partner who understands, believes in, and invests in our vision.”
President, UK and Ireland at Mastercard, Kelly Devine said: “With the UK at the centre of global Fintech innovation, this is a truly exciting time for the industry, and I welcome our new partnership with Algbra. Our missions are very much aligned: Algbra are using technology to innovate and deliver enhanced customer experience, but also focusing on people’s own values, and enshrining ethics and sustainability at the heart of their proposition. Together we can make a positive difference to customers both here in the UK, and all over the world”.
Lord Hammond, said: “This announcement marks a historic moment not just for Algbra, but for the future of a values-driven financial services sector. Consumers and communities are demanding that their financial products do more, particularly on issues relating to ESG, inclusion and sustainability. Algbra, with its grounding in communities and exceptional technological capabilities, is very well positioned to fast become a sector leader in this space”.
Algbra offers customers a comprehensive product repertoire, powered by an exceptional user interface that includes current accounts and savings products, foreign exchange, and remittances. The company will also be launching, in the near future, real-estate backed tokens, home purchase and buy-to-let plans, insurance services, and ethical decentralised finance.
