Montreal: TVA Group has confirmed it is in talks to sell its unprofitable 70%-owned TVA International unit.

On Sept. 12, TVA, a Quebecor Media subsidiary, said it would take a $120-million write-down on TVA International, which includes Canadian distribution and children’s and animation divisions. TVA said its share of the write-down amounts to $95 million after taxes, including $48 million in goodwill, ‘which amounts to a full write-off of its investment in TVA International.’

In January, TVA wrote down the assets of its production and distribution subsidiary by $71 million, bringing the full write-off to $191 million. The full write-off figure represents the total value of the acquisition price, the $138 million paid by TVA (70%) and its partner CDP Capital Communi-cations for the former Motion International, in addition to $53 million, representing sums invested by the new owners since their May 2000 acquisition.

TVA International has retained the services of an investment bank to examine all of its options, including initiating a process to sell the subsidiary. Various industry players told Playback they have looked at TVA International’s financial records and library assets.

At press time, TVA International president Pierre Lampron told Playback an announcement would be made shortly, possibly as soon as Sept. 14. Meantime, the industry is rife with rumors.

One industry source says Seville Pictures may have already acquired TVA International’s distribution division.

TVA acquired a large and pricey package of European titles (as many as 29) from TF1 International last year, and Seville could also be interested in TVA’s output deal with Studio Canal, the production arm of Canal+, the Vivendi Universal pay-TV company.

Motion entered the distribution business by purchasing Astral Films at an estimated cost of $15 million, in addition to a guaranteed annual salary for Stephen Greenberg, who became president of the distribution division.

Greenberg is no longer with the company.