Kinowelt puts focus on restructuring ops
Co. considers selling off subsids
On the plus side, the company confirmed Friday night's landmark deal with German pubcaster ZDF for 40 titles including "The Matrix" and "The Avengers" (Daily Variety, June 18). But execs also reiterated plans to pull out of some areas and said the company was considering selling off subsidiaries.
"We will no longer invest in non-core businesses like Internet and merchandising," Kinowelt topper Michael Koelmel said. "We have invested too much money and time in them."
Kinowelt also confirmed it is in talks with banks to restructure its 400 million euros ($344.2 million) debt.
Koelmel said the company would concentrate on licensing, DVD and theatrical operations -- part of a restructuring plan that will be presented within two months.
Kinowelt aims to sell licensing merchandiser Brameier Fanworld before the end of this year. Company is looking for a partner for its Internet activities and is abandoning plans to buy the remaining 90% of sport rights company Sportwelt, which is majority-owned by Koelmel.
