Cabler's 1st qtr. report positive, still in red
NEW YORK — United Pan-European Communications, Europe’s largest cabler, said Wednesday that losses narrowed for the first quarter, as the cash-strapped company continues talking with bondholders about ways to restructure its balance sheet.UPC lost ?491.5 million ($448 million) vs. a loss of $541 million the year earlier. Revenue rose 3.8% to $315 million. UPC is majority-owned by Denver-based holding entity UnitedGlobalCom, which, in turn, is majority-owned by John Malone’s Liberty Media. UPC’s red ink is another reminder that the media mogul may have invested too much, too fast, in European cable. Liberty also owns a piece of struggling U.K. cable group Telewest. Malone had a deal fall through to buy German cable systems from Deutsche Telekom. Amsterdam-based UPC was recently delisted from the Nasdaq market and trades as a penny stock. Like many of its peers, it spent heavily to expand and roll out new services, racking up lots of debt.
Want Entertainment News First? Sign up for Variety Alerts and Newsletters!