Media-Saturn Group Acquires Majority Stake in 24-7 Entertainment

Germany's Media-Saturn Holding says that it has acquired a controlling interest in 24-7 Entertainment, a B2B white-label mobile content distributor. The company, which was founded in 2000, operates 41 download stores in 13 countries and has license agreements in place with over 12,000 labels including all the major record companies and independent labels.

Financial terms of the transaction were not disclosed. 24-7 Entertainment will remain under the management of its founders, Frank Taubert and Carl Nielsen and operate as an independent business unit within the Media-Saturn Holding Group.

Roland Weise, CEO of Media-Saturn-Holding GmbH: "Music and entertainment content plays a major role in our success. Our shareholding is intended to help grow 24-7's digital footprint, open up new areas of business and at the same time allow us to profit from the company's competence and know-how with regard to the further development and implementation of the Media-Saturn Group's e-commerce strategy in this area."

On a strategic level 24-7 Entertainment has plans to expand into other territories and enhance the range of services it offers. "We are very pleased that such a major player as Media-Saturn understands the growth potential of the 24-7 Entertainment digital distribution platform. Being part of a major consumer electronics entity will afford us many opportunities for expansion including the convergence of digital entertainment services to the home and portable environment, which we believe will be greatly beneficial to all of our loyal customers", said Frank Taubert, CEO, 24-7 Entertainment.

Posted to the site on 25th March 2009