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Symphony sells AFC

Symphony International has sold its entire investment in AFC, which operates the Asian Food Channel, a 24-hour TV channel broadcasting food and lifestyle programming tailored to audiences in the Asia Pacific region. 

The sale was part of the acquisition by Scripps Networks Interactive of 100 per cent of AFC. Scripps acquired AFC to strengthen its competitive position in Asia. 
Scripps is a developer of lifestyle-oriented content for television and the Internet with a media brand portfolio that includes HGTV, Food Network, Travel Channel, DIY Network and Cooking Channel, amongst others.
The gross proceeds from the sale of Symphony’s interest in AFC represented a gain over cost of approximately 94 per cent. Symphony made its first investment in AFC in 2008. The proceeds from the sale represented less than five per cent of Symphony’s NAV.
The Raine Group acted as exclusive financial adviser and Latham & Watkins acted as legal counsel to the shareholders of AFC.

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