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Posted: Fri., Jun. 4, 1999

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SYDNEY -- Shareholders in Paul Ramsay's Prime Television have approved a A$40.5 million ($22 million) preference share issue aimed at bolstering the troubled multinational broadcaster's finances. Negotiations are still progressing with potential buyers for Prime's money-losing 50% interest in Argentina's Azul TV.

Prime TV chief exec George Brown said the 13.5 million converting preference share issue pegged at A$3 ($1.94) per share was designed to give the broadcaster some room to move with the Azul sale, providing operational capital and paying down debt while sending a clear message to any would-be purchasers "that we're not in a fire sale situation."

At least five parties from North America, Latin America and Europe are rumored to be seriously interested in purchasing Prime's 18-month-old interest in the No. 3 Argentinean network, including U.S. entertainment giant Time Warner and Brazil's top broadcaster Globo.

Prime is hoping to offload the 50% holding before the end of the year, stemming the losses of $20 million a year it's accruing from the hemorrhaging Latin broadcaster.