Plazamedia achieves after-tax profit of $173 mil
COLOGNE — EM.TV’s sports interests have performed better than expected during the year, helping its third-quarter figures.In the first nine months of 2004, EM.TV’s sales reached E51.6 million ($196 million), down from $230 million in the corresponding 2003 period, after noticeable portfolio changes. Of the sales, 86% was attributed to the group’s sports segment, including TV network DSF, Web portal Sport1 and production company Plazamedia. Sport1 recorded the highest number of page visits since the service’s establishment during the Tour de France. Plazamedia benefited from its soccer league productions for both DSF and pay platform Premiere. Group achieved an after-tax profit of $173 million, including the one-off gain of $127 million from a restructuring of convertible bonds. Kidvidder’s traditional activity, children’s entertainment programming, saw positive earnings of $44 million on sales that reached $28 million. Profits from the Kirch Media settlement with Junior TV and EM.TV in the second quarter contributed significantly. The entertainment division’s major feat this year is the extension of the cooperation between its Junior TV brand and pay web Premiere until 2009. The management board confirmed its performance outlook for the full year, expecting at least $260 million in sales and around $58 million in operating profit. “The third quarter, in which no special effects had to be taken into account for the first time in a long period, has shown that the new EM.TV is now firmly writing in black ink on an operating level,” CEO Werner Klatten said.
Follow @Variety on Twitter for breaking news, reviews and more