Telenovela producer and distributor Dori Media Group Ltd. (AIM:DMG) has acquired 75% of Paran Productions Ltd. for $1.6 million in cash and an option on 75,000 Dori Media shares.
Paran Productions owns half of Darset Productions Ltd, Israel's largest producer of locally originated telenovelas. Dori Media already owns the other half of Darset, and will now own 87.5%. Dori Media reported that Darset posted a pretax profit of $850,000 in January-September 2007, and that Paran Productions posted a pretax profit of $140,000 in 2006 as a whole.
Dori Media said that Paran Productions would continue to produce short dramas, films and documentaries for the local Israeli and international markets and that Darset would continue to produce locally and internationally generated dramas, telenovelas and soap operas. Daniel Paran will to serve as CEO of both Paran Productions and Darset.
Dori Media president and CEO Nadav Palti said, "This acquisition further strengthens the company's leadership of the telenovela market both in Israel and around the globe."
Dori Media acquired 25% of Darset and half of the voting rights in the company for $550,000 in January.
In a separate development, Mapal Communications Ltd. and Miella Venture Partners Inc. have each bought 75,000 Dori Media shares from company founder and vice chairman Yair Dori, and 28,125 shares each director Zvi Hauser for ₤1.65 per share, for a total of ₤256,800. Mapal now owns 35.8% of the company and Miella owns 19%. Yair Dori's stake was reduced to 13.47% and Hauser's stake to 0.25%.
Mapal shareholders Tamar Mozes Borovitz now indirectly owns 21.08% of Dori Meida, Nadav Palti owns 7.38% of the comapny, and Michele Arazi owns 19%.
Dori Media share rose 1% on Friday to close at ₤1.52, giving a market cap of ₤35 million..
Published by Globes [online], Israel business news - www.globes-online.com - on November 25, 2007
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