Showtime Arabia and Orbit merger is complete

Investment firm Kuwait Projects Co (KIPCO) said it has completed a merger between its pay-TV channel unit Showtime Arabia and the Orbit Group, a unit of a Saudi Arabia's Mawarid Group.

"The deal ... involved merging of the Showtime and Orbit businesses... and is effective from 31 July," KIPCO said in a statement on Tuesday.

The firm announced the merger deal in July without giving its value.

Showtime Arabia is owned by Gulf DTH, a joint-venture between KIPCO and US media conglomerate Viacom.

KIPCO, which has stakes in 50 companies and operates in 21 countries, owns 75.3 percent of Showtime Arabia.

KIPCO, which controls assets worth $19bn, had planned to offer shares to the public in Showtime Arabia in 2006 but postponed the plan, citing a downturn of Arab markets.

Earlier this month, the firm posted a 56.5 percent fall in its second-quarter net profit, but said it was confident about the progress for the rest of 2009.

Shares of KIPCO were up 1.9 percent on Tuesday, as Kuwait's main index ended 1.8 percent higher. (Reuters)

Full coverage on the Showtime, Orbit merger

READERS' COMMENTS

MORE FROM ARABIANBUSINESS.COM