Crown sells interest in Monarchy Enterprises

Crown sold its 25.4 per cent interest in television and film production company Monarchy Enterprises Holdings for $US189.4 million ($204.4 million) to focus on its core gaming business.

The casino owner sold the stake to Monarchy’s major shareholder, Arnon Milchan, who wants to consolidate his control of the film, television and global media company, Melbourne-headquartered Crown said in a statement today.

Mr Milchan will pay for the stake over five years in broadly equal instalments, secured by a pledge over the shares which have been sold. Crown has received an initial instalment of $US33.2 million.

PBL, which owned the Crown gaming assets until they were spun off as a separate company, received distributions of about $US189.4 million from its share investment in Monarchy in 2004 and 2005.

Monarchy owns New Regency Productions, which made Mr and Mrs Smith and television series Malcolm in the Middle.

“I would like to thank Arnon Milchan for a long and profitable relationship,” Crown executive chairman James Packer said in the statement.

AAP


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