SBS Broadcasting Elects to Repurchase 856,494 SBS Common Shares Used in 2003 to Acquire Norwegian and Danish Radio Stations
30 Agosto 2004 - 10:12AM
PR Newswire (US)
SBS Broadcasting Elects to Repurchase 856,494 SBS Common Shares
Used in 2003 to Acquire Norwegian and Danish Radio Stations
LUXEMBOURG, Aug. 30 /PRNewswire-FirstCall/ -- SBS Broadcasting SA
(Nasdaq: SBTV; Euronext Amsterdam N.V.: SBS) announced today that
it will repurchase for euro 18.6 million in cash, the SBS common
shares used in September 2003 to acquire Radio 1 Norge AS in Norway
and Radio 2 AS in Denmark from wholly owned subsidiaries of Clear
Channel Communications, Inc. (NYSE:CCU) and Norsk Aller AS. As a
result of the cash payment, SBS will repurchase all 856,494 SBS
common shares that were delivered to the sellers in September 2003
that they were otherwise entitled to sell. Commenting on the
announcement, Markus Tellenbach, Chief Executive Officer of SBS,
said, "With the Company's strong operating performance and with
over euro 150 million in cash on a consolidated basis, we believe
that repurchasing SBS common shares at current share prices is an
efficient way to increase shareholder value." Under the 2003
agreements with the sellers, had SBS not exercised its right to
repurchase the shares, the sellers would have been entitled to sell
them in SEC-registered transactions over a six-month period
starting in September 2004 until the sellers had received proceeds
equal to the purchase price of euro 17.5 million plus 6% interest
p.a., which currently amounts to euro 18.6 million, with any unsold
shares to be returned to SBS. At the most recent annual general
meeting of the Company's shareholders on December 5, 2003, the
shareholders authorized the Company to repurchase up to 10% of its
subscribed capital (2.95 million common shares) at a maximum price
of euro 40 per common share in open market or in privately
negotiated transactions to be effected as directed by the Company's
Board of Directors. The authorization is valid until July 4, 2005.
Forward-Looking Statements Some of the statements in this press
release are forward-looking, including, without limitation: the
statement that the repurchased shares may be used in connection
with the Company's share incentive plans or for other corporate
purposes. In addition, we may make forward-looking statements in
future filings with the Securities and Exchange Commission, and in
written material, press releases and oral statements issued by us
or on our behalf. Forward-looking statements include statements
regarding our intent, belief or current expectations or those of
our officers (including statements preceded by, followed by or that
include forward-looking terminology such as "may," "will,"
"should," "believes," "expects," "anticipates," "estimates,"
"continues" or similar expressions or comparable terminology) with
respect to various matters. It is important to note that our actual
results in the future could differ materially from those
anticipated in these forward-looking statements depending on
various important factors. Some of these factors include: the
effects of, and changes in, government policy and regulatory
requirements; the ability to receive governmental approvals
necessary in order to complete the transactions; the effects of
changes in general economic environment; the effects of changes in
the advertising spending growth; the effects of competition; and
our success at managing the risks that arise from these factors. A
more detailed discussion of some of these risks is set forth in
SBS's annual report on Form 20-F for the year ended December 31,
2003. All forward-looking statements in this press release are
based on information available to us on the date hereof. We do not
undertake to update any forward-looking statements that may be made
by us or on our behalf, in this press release or otherwise. SBS is
a European commercial television and radio broadcasting company
with operations in Western and Central Europe. Countries where SBS
currently has broadcasting assets include: Belgium (Flanders),
Denmark, Finland, Greece, Hungary, The Netherlands, Norway, Romania
and Sweden. For further information visit:
http://www.sbsbroadcasting.com/. DATASOURCE: SBS Broadcasting SA
CONTACT: Michael Smargiassi or Jon Lesko, both of Brainerd
Communicators, +1-212-986-6667; or Media - Jeff Pryor of Pryor
Associates, +1-818-382-2233; or Catriona Cockburn of Citigate Dewe
Rogerson, +44-207-282-2924, all for SBS Broadcasting SA Web site:
http://www.sbsbroadcasting.com/
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