Increase due to co. being 'truly pan-European,' CEO sez
AMSTERDAM — Fox Kids Europe’s profits in its latest earnings report soared from a wimpy $300,000 at the end of May 2000 to $16.2 million in the same period this year. Revenues year-to-year shot up 26% to $126.7 million.
The report, which at least one analyst called a stunning performance, comes on the heels of the impending sale of Fox Kids Europe parent Fox Family Worldwide to Disney.
Ynon Kreiz, chairman-CEO of Fox Kids Europe, told Daily Variety the increase was due to the company for the first time being “truly pan-European, with all of the benefits of being able to leverage resources without compromising on local focus.”
The strength of the library, which includes major programming franchises such as “Power Rangers,” “Digimon” and “X-Men,” also helped.
Fox Kids Europe, broadcasting in 54 territories, added channels over the last year in Germany, Hungary and across the Middle East.
The rev increases came from all geographic as well as business areas.
Revenues for the channel group climbed 47%, with subscription revs up 46% to $43.7 million. Ad revs soared by 50% to $14.7 million.
Program distribution revenues rose 9% as Fox Kids European this year began buying up not just Euro but international rights for series. The latter were resold to Fox Family Worldwide but Kreiz said the buying of international rights would increase and what Fox Worldwide doesn’t want will be sold to third parties.
Consumer product revenues rose by 31% to $8.5 million, mainly due to the sale of “Digimon” licenses. Online and interactive areas showed small cash-flow losses but Kreiz predicted they would hit breakeven within two years.