German integrated media company TV-Loonland has sold its 72.6% stake in the loss-making South Korean media house SRE Corporation to Seoul-based Moohandae Media Ltd
In a statement, TV-Loonland pointed out that SRE had already posted losses of Euros 1.1m in the 2001 financial year on revenues of Euros 14.7m and these losses had been "significantly increased" by declining revenues in 2002.
SRE is the leading independent video and DVD distributor and operator of the main VoD portal in Korea.
Loonland continued that "supporting the measures necessary for SRE's continued development across the great geographical distance and in another economic and cultural setting proved to be very difficult".
Loonland's other international interests, including the UK's Metrodome, UK animation outfit Telemagination, US children's TV group Sunbow and Latin American sales outfit Salsa Entertainment are thought to be unaffected by the move. Loonland posted a pretax loss of $12m for the first quarter of 2002.