Internationalmedia posts net loss of $22.2 million
BERLIN — Producer-distrib Internationalmedia remained in the red in 2007 largely due to the cancellation of “Stopping Power,” junked when financing fell through.
The Munich-based company and parent of L.A.-based Intermedia managed to narrow its net loss by 34% to E14.1 million ($22.2 million), while revenue dropped 34% to $47 million.
Internationalmedia said the poor showing was due to its exposure to “a continuously difficult situation in the market and challenges in connection with the cancellation of ‘Stopping Power.'”
It added that the financial impact of the pic’s termination amounted to nearly $10 million.
In January, David Bergstein, co-head of the Capco Group, backed by a group of investors, took a 57% stake in Internationalmedia. Capco had earlier acquired Internationalmedia’s foreign sales company IM Global.