BERLIN — EM.Sport Media, whose largest shareholder is media mogul Leo Kirch, has posted a profit warning and said it would post a “considerable” loss this year.
The company, which is in the process of merging with subsidiary Highlight Communications and Constantin Film, declined to say exactly how big the loss would be, but said it had resulted from a writedown of between E120 million ($157 million) and $177 million linked to the devaluation of Highlight assets.
The company will publish its third-quarter figures on Nov. 27.
Meanwhile, EM.Sport, well on its way to merging with Highlight and Constantin, will change its name to Constantin Media.
EM.Sport has a 47% stake in Highlight, which in turn owns 98% of Constantin, Germany’s biggest indie producer-distrib. Kirch owns a 17% stake in EM.Sports.
The new conglom will focus on film and TV production, and distribution as well as sports rights.
EM.Sport controls sports channel DSF, sports production group Plazamedia and the Sport1 Internet site, while Highlight owns sports rights marketing company TEAM, which handles UEFA Champions League rights.
Company shares are trading at $2.34.