Crown Limited, an entity recently separated from its parent company, PBL Media, today announced the sale of its interest in Monarch Enterprises Holdings B.V.
The 25% interest was sold to Monarch’s largest shareholder Arnon Milchand.
Crown said the sale is a result of Milchan’s desire to consolidate his control of Monarchy and focus on its film, television and global media operations and Crown’s desire to continue to focus on its gaming operations.
The purchase price for the sale is US$189.4 million which will be paid in broadly equal instalments over 5 years with Crown having received an initial instalment of US$33.2 million and is secured by a pledge over the shares which have been sold.
The sale of the interest was foreshadowed in the previously released PBL Scheme Booklet as part of the demerger of the gaming and media businesses of Publishing and Broadcasting Limited.
Shares in CWN ended two days of losses, adding 26 cents to $10.51.
