HTV Group, the Welsh ITV station that also owns film distributor First Independent, reported a pre-tax loss of T2.1 million ($ 3.1 million) for 1992.But the TV division managed an operating profit of T6.1 million ($ 9 million) , up 35% over the previous year. This was achieved despite a 13% drop in sales to T113.3 million ($ 167.7 million). First Independent, whose release slate last year included “City Slickers” and “The Lawnmower Man,” contributed profits of just T305,000 ($ 451,400), compared with T1.8 million ($ 2.7 million) in 1991. The company’s revenues dipped 20% to T13.3 million ($ 19.7 million). HTV is still paying for its disastrous foray into the fine art business in the 1980s, and is having difficulty finding buyers for its loss-making fine art division. But its ITV broadcasting business is also struggling, with declining advertising revenues and its production of network programming at a virtual standstill. Financially, HTV is probably the weakest of all the ITV stations, and will be a prime candidate for takeover when bids are permitted from next year.
Want Entertainment News First? Sign up for Variety Alerts and Newsletters!