Fremantle buys into Beyond
[press release from Shed PR]
The managing director of Beyond International Mikael Borglund said today the acquisition of a 19.99 % stake in the company by the FremantleMedia was a major expression of confidence in the company.
FremantleMedia is one of the largest international creators and producers of entertainment brands in the world, operating in more than 40 territories.
FremantleMedia has acquired the 19.99 % stake in the company from Mariner Financial Limited, which late last year made an unsuccessful takeover offer for the company.
Beyond recently reported a profit $4,992,000 after tax for the 12 month period to 30 June 2008 on operating revenues of $62,194,000. This profit figure was a 15% increase on the previous year.
The company also recently announced it was debt free and had more than $6 million cash on hand.
“The replacement of Mariner, an investment company and asset manager, on our share register by FremantleMedia is likely to contribute to the continued growth of our business, and is a reaffirmation of both the quality and prospects of Beyond International,” Mr. Borglund said.