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RTL Group - Acquiring 51% stake in BroadbandTV

RTL Group - Acquiring 51% stake in BroadbandTV

27.6.2013 10:36

Yesterday after market, RTL Group announced a strategic partnership with Broadband TV. BroadbandTV is YouTube’s 5th largest Multi-Channel Network (MCN) and drives success for online video creators by leveraging its proprietary technology and massive online reach.

BroadbandTV, founded in 2005, first entered the online video market with a creative solution for helping large media groups benefit from a new revenue stream: the company’s innovative technology detects videos which had been uploaded by fans on YouTube, and offers the organisations that own the IP a tool for monetisingthe content. BroadbandTV has since expanded its portfolio to include tools for the management, optimisation, protection and monetisation of video content and its target audiences to include media companies, content creators and advertisers.
BroadbandTV manages more than 7,800 channels through its network brands VISO and TGN and generates around 800m video views per month. The number of video views to BroadbandTV sites grew by 169% year-on-year, reaching 2.1bn views in 1Q13.

Broadband TV operates on a global scale; the business is both a good fit and addition to the digital activities of RTL Group’s broadcast business and FremantleMedia. This deal reflects the Group’s stated strategy to develop its digital presence as BroadbandTV brings content, aggregation and advertising sales in the online video world –areas which are close to RTL Group’s core competencies.
This investment accelerates RTL Group’s expansion strategy in the online video market. Following the transaction, for an initial investment of € 27m ($ 36m), RTL Group will hold a 51% stake in BroadbandTV.

Conclusion:
This is a small deal but a nice add-on acquisition in the strongly growing on-line video market, one of RTL’s key strategic investment areas. The annual turnover of BroadbandTV only reaches a few million Euros but is growing rapidly. RTL Group has an option to acquire the remaining 49%. We reiterate our Accumulate rating and € 70 target price.


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