Teuton firm finds funds

Internationalmedia acknowledges dire financial state

BERLIN — Grappling with losses and sinking revenue, producer-distrib Internationalmedia is strengthening its financial base with a E5 million ($6 million) credit line, a capital increase that could bring it an extra $12 million and a heightened focus on TV series and low-budget pics.

Martin Schuermann, who replaced Moritz Borman as CEO on May 1, has admitted that the company, parent of Intermedia, is in a precarious financial state, with liquidity between $2.5 million and $3.5 million.

Group is not in severe danger, Schuermann said in an interview with German daily Frankfurter Allgemeinen Zeitung on Thursday, but added that there was a “theoretical risk of insolvency.”

After risky big projects like “Alexander” and “Basic Instinct 2: Risk Addiction,” currently shooting in London, company wants to move into TV. It is developing a series with Jay Firestone based on its FBI profiler pic “Mindhunters,” and co-producing a low-budget action pic with German TV producer Action Concept.

Schuermann declined to provide a fiscal outlook for the company until its shareholders meeting in August but said annual figures could be roughly estimated based on first-quarter results: Net profit was $1.8 million on revenue of $9.6 million.

Last year, company posted sales of $225 million and a $27 million loss.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety