Negotiations on sale of Urheilutelevisio shares still in progress

The largest shareholders of Suomen Urheilutelevisio Oy (Finland’s Sports Channel Ltd), MTV Oy and SWelcom Oy signed a letter of intent in June 2002 on the sale of shares in the company to Avanti Broadcasting Oy. Under the agreement Avanti Broadcasting Oy would have become the largest shareholder in Suomen Urheilutelevisio Oy with 45.2 % of the share capital. MTV Oy would have sold 30.1 % of the shares and SWelcom Oy 15.1 % of the shares, after which the latter companies would each have retained 19.9 % holdings. The final agreement was scheduled to be closed by the end of August.

By the end of August the negotiations had not led to a final agreement. The major shareholders of Suomen Urheilutelevisio Oy remain committed to broadening the company’s ownership base.