• Sweden edition
 

Wallenbergs' Italian porn push goes limp

Published: 25 Aug 2011 14:20 GMT+02:00
Updated: 25 Aug 2011 14:20 GMT+02:00

Sweden's Wallenberg family has been left out of pocket following the premature collapse of Italian sport and pornography television channel Dahlia TV.

Dahlia TV was declared bankrupt earlier this year after having failed to break into the Italian sport and porn broadcasting market, leaving debts of some 526 million kronor ($83 million), according to a report in the Svenska Dagbladet (SvD) daily.

The Investor-owned Swedish firm Air P TV Development filed for bankruptcy on July fourth with barely 500,000 kronor in assets.

Among the channels offered by Dahlia TV were Dahlia Sport and Dahlia Extreme, as well as Dahlia Eros, which offered a range of softcore and hardcore pornographic movies.

Senior family member and former SEB bank CEO Jacob Wallenberg was himself on the board of Air P TV Development until Christmas, when he was advised to give up his post, according to the Resumé daily.

Dahlia TV's Italian porn and sport fiasco cost a total of 1.2 billion kronor.

The firm's latest funding round in the summer 2010 brought in some 400 million kronor from its owners and further 300 million from Italian bank Unicredit.

As part of its attempt to break into the Italian market, a process of renewal was launched to broaden its offering beyond sport and porn, but the competition promptly slashed their prices and forced the firm into reconstruction in the beginning of 2011.

Unicredit has the largest exposure to the bankrupt firm, with 276 million kronor, with the Investor's share coming to 18 million and the Swedish tax authorities 10 million kronor.

The Local/pvs (news@thelocal.se)

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Your comments about this article

00:18 August 26, 2011 by zircon
Signature: MCT.........................................................
01:27 August 26, 2011 by Da Goat
What a great headline!

perhaps someone should have told them not to play billiards with a rope. LOL
21:56 August 26, 2011 by motorsports
have to say im saddened by the headline inuendo..so often our tongue that follows our thoughts which flows directly from the heart for as the mouth speaks out of the filth that is in his heart..little wonder the world is going to dust bin..my friends think on this

Ephesians 4:29

29 Do not let any unwholesome talk come out of your mouths, but only what is helpful for building others up according to their needs, that it may benefit those who listen.
04:43 August 31, 2011 by volvoman9
@motorsports, Really? The headline indeed benefited me. I laughed hysterically. It made me happy; but go ahead and be sad. You know what saddens me? It is that drones like you continue to cling to the fairy tale of religion. i think it is just this that is causing the world to self destruct.
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