Company attributes drop to canceled Nelvana deal
BERLIN — In line with many of its fellow German media firms, kidvidder RTV posted Wednesday a wider annual loss for 2002 of $106 million, up from a $2.8 million deficit the previous year. Revenues sank by 59% to $26 million.
Company attributed the dramatic drop to last year’s canceled output deal with Canada’s Nelvana, which in 2001 brought in some $25 million in revenue for RTV. Results were also burdened by $122 million in writedowns of assets, including film rights and subsidiaries.
RTV said it had streamlined its business model after restructuring the company. It recently partnered with French toon makers Dargaud Marina and Futurikon on a slew of animated series, including sci-fi adventure series “Malo Korrigan.”
The group’s stock price remained unchanged Wednesday at $1.07.