Co. to list on index after posting $10.8 mil in profits
COLOGNE — German music web group Viva Media is bucking the downward trend of media companies on the stock market and will move up to the Neuer Markt’s Nemax-50 index in September.
Several media companies have already left the so-called new-economy market.
Group has just reported its first black ink since its takeover of TV comedy producer Brainpool. In the first half-year, it achieved a net profit of x11 million ($10.8 million) after a loss of $9 million in the corresponding 2001 period. Earnings were helped by a transfer of 49% in its channel Viva Plus to AOL Time Warner. Revenues went up by 7 % to $53 million.
Nevertheless, CEO Dieter Gorny noted Viva is still being hit by the ad slump. He added that the group has some $50 million cash at hand for future acquisitions.
Viva’s recent expansions included the takeover of Dutch music web the Box, an increase of its stake in Viva Swizz and a joint effort with Lithuanian web LRT.