AXA completes HSE24 take-over | News | Rapid TV News
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hse24The sale of German home-shopping broadcaster HSE24 to French investment group AXA Private Equity has now been completed. In addition to AXA, the management of HSE24 has taken a 12% stake in the new operating company.

In November 2009, AXA announced its purchase of the broadcaster from insolvent retail company Arcandor without revealing financial details. According to industry insiders, the price lies between €150m and €200m.

“Despite the insolvency of our former parent company, 2009 was the financially most successful year in the history of our company,” HSE24’s managing director Richard Reitzner said in Munich. “With our new main shareholder AXA Private Equity we have a strong partner which has put the long-term development of HSE24 into the foreground of its involvement from the beginning.”

HSE24, Germany’s second-largest home-shopping broadcaster after QVC, increased its turnover in 2009 by 12% to €394m in 2009 compared with the previous year. EBITDA climbed by 35%. The channel reaches more than 40 million households in Germany, Austria and Switzerland via cable and satellite, and around 2 million people are regular customers.

For its next projects, HSE24 plans to launch a second digital sister channel after HSE24 Extra and expand into non German-language international markets.

© Rapid TV News 2010

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