WSOY's subsidiary Tuotantotalo Werne Oy acquires the TV and video production business of Helsinki Televisio Oy (HTV). The transaction will enter into force on 1 January 1999. HTV is a subsidiary of Helsinki Media Company Oy.
Werne will pay the consideration for the transfer of business by means of a share issue directed to HTV. After the increase of share capital, WSOY owns 76 % of Werne's shares and HTV 24 %.
The combined production operations will be continued in the name of Tuotantotalo Werne Oy. Mr. Ari Parviainen will continue as President of Werne.
The employees will transfer from HTV's production to Werne's service retaining their existing employment benefits.
WERNER SÖDERSTRÖM CORPORATION - WSOY
Aarno Heinonen
Executive Vice President
DISTRIBUTION: HEX Helsinki Stock Exchange; principal media
For further information:
Mr. Aarno Heinonen; Executive Vice President, Werner Söderström Corporation - WSOY; tel. +358 9 6168 219, or Mr. Ari Parviainen; President, Tuotantotalo Werne Oy; tel. +358 9 422 122