You will be redirected back to your article in seconds

K-L writedown ups losses

Kushner-Locke Co. posted a tenfold increase in fourth-quarter losses as the company wrote down the value of its library. At the same time, revenue tripled from new network skeins and a miniseries.

The company decided to cut $ 4.3 million from the library value column on its balance sheet, largely from the one-time HBO football skein “1st & Ten.” That move largely contributed to the $ 2.6 million loss for the quarter.

Kushner-Locke also announced that CBS increased its production order of “Harts of the West” and bought two telepix.

For the quarter ended Sept. 30, Kushner-Locke lost $ 2.6 million (9 cents), compared with a loss of $ 259,000 (1 cents) in the like period a year ago. Revenue was $ 12.9 million, up from $ 4.2 million.

For the year, the company lost $ 1.8 million (6 cents), compared with earnings of $ 244,000 (1 cents) in the previous fiscal year. Revenue was $ 42.5 million, up from $ 24.1 million.

Separately, Kushner-Locke announced production of “Andre the Seal,” a film based on the true story of a Maine seal and his adopted family. The $ 9 million pic will be distribbed domestically by Paramount Pictures and is skedded for a summer 1994 release. Turner Entertainment will handle international distribution.

More Biz

  • Jeremy PivenBUILD Speaker Series: Jeremy Piven,

    'Entourage' Extra Claims Jeremy Piven Assaulted Her in New Allegation

    Kushner-Locke Co. posted a tenfold increase in fourth-quarter losses as the company wrote down the value of its library. At the same time, revenue tripled from new network skeins and a miniseries. The company decided to cut $ 4.3 million from the library value column on its balance sheet, largely from the one-time HBO football […]

  • This, photo shows the 21st Century

    Comcast, Disney Keep Focus on 21st Century Fox Assets Despite AT&T-Time Warner Battle

    Kushner-Locke Co. posted a tenfold increase in fourth-quarter losses as the company wrote down the value of its library. At the same time, revenue tripled from new network skeins and a miniseries. The company decided to cut $ 4.3 million from the library value column on its balance sheet, largely from the one-time HBO football […]

  • Scorpion-cbs TV Show

    How Scooter Braun Turned Luck With First Series 'Scorpion' Into Prolific TV Business

    Kushner-Locke Co. posted a tenfold increase in fourth-quarter losses as the company wrote down the value of its library. At the same time, revenue tripled from new network skeins and a miniseries. The company decided to cut $ 4.3 million from the library value column on its balance sheet, largely from the one-time HBO football […]

  • Peter Thiel

    Billionaire Peter Thiel Sells Majority of Facebook Stake, Pocketing $29 Million

    Kushner-Locke Co. posted a tenfold increase in fourth-quarter losses as the company wrote down the value of its library. At the same time, revenue tripled from new network skeins and a miniseries. The company decided to cut $ 4.3 million from the library value column on its balance sheet, largely from the one-time HBO football […]

  • Scooter Braun Team

    Meet the Six Key Execs Who Help Scooter Braun Care for Roster of Clients

    Kushner-Locke Co. posted a tenfold increase in fourth-quarter losses as the company wrote down the value of its library. At the same time, revenue tripled from new network skeins and a miniseries. The company decided to cut $ 4.3 million from the library value column on its balance sheet, largely from the one-time HBO football […]

  • New Media old media shakeup

    Murdoch Sale Talks Underscore Digital's Effect in Disrupting Hollywood

    Kushner-Locke Co. posted a tenfold increase in fourth-quarter losses as the company wrote down the value of its library. At the same time, revenue tripled from new network skeins and a miniseries. The company decided to cut $ 4.3 million from the library value column on its balance sheet, largely from the one-time HBO football […]

More From Our Brands

Access exclusive content