Statement re Dori Media Acquires a 75% Stake in Paran Productions, and Consolidates Its Stake
November 23 2007 - 2:00AM
UK Regulatory
DORI MEDIA GROUP
DORI MEDIA ACQUIRES A 75% STAKE IN PARAN PRODUCTIONS, AND CONSOLIDATES ITS STAKE
IN DARSET PRODUCTIONS
Dori Media Group ("DMG" or "the Company"), the international media company
active in the field of television, with a focus on production, distribution,
broadcasting and merchandising of Telenovela, today announces that DMG has
agreed with Daniel Paran, CEO and the sole shareholder of Paran Productions Ltd.
("Paran Productions"), to purchase a 75% stake in Paran Productions for a total
consideration of US$ 1.6 million and 75,000 DMG share options (the
"Acquisition").
Paran Productions owns a 50% stake in Darset Productions Ltd ("Darset"),
Israel's largest producer of locally originated Telenovela, with DMG owning the
remaining 50%. Therefore following the Acquisition, DMG's stake in Darset
Productions will increase to 87.5%. DMG has to date accounted for Darset in the
consolidated accounts as a 50% proportionately consolidated subsidiary but as a
result of the increase in their stake, Darset will in future be a fully
consolidated subsidiary. Darset made a profit before tax of US$ 850,000 for the
nine months ended 30 September 2007 and had net assets of US$ 762,000 at that
date.
Paran Productions will continue to produce short Dramas, films and documentaries
for the local Israeli and international markets and Darset will continue to
produce locally and internationally generated Dramas, Telenovelas and daily
Dramas. Daniel Paran will continue in his roles as CEO of both Paran Productions
and Darset. According to a proforma unaudited report, Paran Productions made a
profit before tax of US$ 140,000 to the year ended 31 December 2006 and had net
assets of US$ 760,000 at that date.
Nadav Palti, President and CEO of Dori Media Group, commented: "This acquisition
further strengthens DMG's leadership of the Telenovela market both in Israel and
around the globe. The deal also further improves our overall production
abilities and broadens our exposure to other forms of TV programming. We are
delighted to benefit from Daniel Paran's continued involvement in these
businesses through his role as CEO of both units."
Daniel Paran, CEO of Paran Productions and Darset Productions added: "We are
very happy at having the opportunity to further strengthen our ties with Dori
Media Group and look forward to benefit from the synergies that will drive
further growth for Paran Productions, for Darset and for Dori Media as a group."
***
Dori Media Group Ltd. Shared Value Limited
Nadav Palti, CEO & President Nicolas Duperrier,
Tel: +972 3 7684000 / +972 54 4236828 Investor & Media relations
info@dorimedia.com Tel. +44 (0) 20 7321 5010
dmg@sharedvalue.net
Daniel Stewart & Company Plc
Lindsay Mair
Nominated Adviser and Broker
Tel: +44 (0) 20 7776 6550
Dori Media Group is an international entertainment group active in the
production, distribution and broadcasting of Telenovela. The group owns and
sells high-loyalty TV content and branded merchandise attracting a wide variety
of audiences in over 45 countries. In Israel, Dori Media Group owns and operates
the 'Viva' dedicated TV channels and 'Darset Productions Ltd' production
company. Dori Media Group also operates the 'Televiva Vision 2' TV channel in
Indonesia. Dori Media Group is controlled by Mapal Communications Ltd, one of
Israel's largest communications company. Dori Media Group is publicly traded on
the AIM Market of the London Stock Exchange. The Company's ticker symbol is
"DMG".
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