Private Media Group Sells Piece of Spain Building

The space being sold represents 14% of the building. Neither the square footage or the name of the buyer was released by Private Media and a company official was not immediately available for comment Wednesday morning. The buyer has made a 10% down payment. The rest is due at closing, which is scheduled for June.Private Media distributes adult entertainment products over the Internet, on DVDs and in magazines to more than 40 countries. The company says it plans to invest the proceeds in its content library and the repayment of high-interest financing not related to the property.Last month, Private Media reported that it lost $570,000 on revenue of about $38.5 million in 2003. Concurrently, it announced that as a result of a recent group-wide review it has "restructured its operations to focus on core business and reduce or abandon spending on activities not generating sufficient gross profits and/or operating profits."