You will be redirected back to your article in seconds

UPC plans digital rollout

Revs up $76 mil amid net losses; Microsoft could be dropped

AMSTERDAM — Cable network operator United Pan-Europe Communications (UPC) will go forward with a planned rollout of its digital set-top boxes slated for September, but it might drop Microsoft as its main supplier of operational software, it said at a conference Tuesday announcing its second quarter and half-year earnings.

The company posted a rise in revenues in the second quarter to 238 million euro ($217 million), up from $76 million in the same period in 1999, and nearly tripled its half-year revenues to $399 million from $137 million in the same period a year ago.

Losses mount

But UPC also reported massive net losses of some $761 million in the year’s first half, up from $125 million and $335 million in the second quarter, five times its losses of $66 million in the same quarter a year ago.

UPC CEO Mark Schneider discounted the net losses, saying operational efficiencies would reduce the losses before interest, depreciation, amortization and stock-option costs that the company said will be less than $341 million at the end of this year.

Schneider also said an expected failure on the part of Microsoft to deliver its software product on time would not delay a planned digital rollout of set-top computer boxes in Amsterdam, the testing ground for the long-talked-about introduction of its digital platform across Europe.

More Biz

  • Here’s How Much Money 10 Artists

    Here’s How Much Money 10 Artists Are Owed by PledgeMusic

    For eight years, PledgeMusic was a success story: A direct-to-fan platform where artists worked directly with their audiences to fund their albums, tours and all stripes of merchandise, with fans able to purchase everything from custom guitar picks to private concerts. Yet last June, Variety broke the news that the company is struggling to pay [...]

  • Korea's CJ CGV Switches Turkey CEOs

    Korea's CJ CGV Switches Turkey CEOs as It Battles With Local Industry

    Yeun Seung-ro has been appointed as CEO of CGV Mars Entertainment, the Korean-owned company that operates Turkey’s largest cinema chain. He replaces Kwak Dong Won, another veteran of the CJ-CGV group. The change of personnel may reflect two ongoing battles within the Turkish film industry. CJ-CGV, which bought Mars for some $650 million in 2016. [...]

  • China Video Streaming Giant iQIYI Loses

    Chinese Video Giant iQIYI Loses $1.3 Billion in 2018

    Chinese video streaming firm iQIYI lost over $1.3 billion in 2018, as revenues and subscriber numbers ballooned. The deepening losses reflected ever higher spending on original content production. Announcing its first full-year financials since a March IPO that launched it onto the NASDAQ, iQIYI said that it lost $1.3 billion (RMB9.1 billion) last compared with [...]

  • Lisa Borders Time's Up

    Time's Up CEO Resigned After Son Was Accused of Sexual Assault

    Time’s Up has announced in a statement posted to Instagram that its former president and CEO Lisa Borders, who resigned Feb. 18, did so after her son was accused of sexual assault in a “private forum.” “Within 24 hours, Lisa made the decision to resign as President and CEO of Time’s Up and we agreed [...]

  • Louis Tomlinson Signs With Arista (EXCLUSIVE)

    Louis Tomlinson Signs With Arista (EXCLUSIVE)

    One Direction’s Louis Tomlinson has signed with Arista, sources tell Variety. While the singer was formerly linked with Epic Records in 2017, he is signed directly to Simon Cowell’s Syco label and will move within the Sony Music family to Arista. Tomlinson teased a new single on Feb. 2, posting on Twitter, “Just heard the [...]

  • Jussie Smollett

    Jussie Smollett's Bail Set at $100,000, Must Surrender Passport

    UPDATED: A Chicago judge set a $100,000 bond for Jussie Smollett on Thursday, as the “Empire” actor made his first court appearance. Smollett faces one felony count of filing a false police report. Police allege that Smollett staged a Jan. 29 attack, telling detectives that he was accosted by two men who used racial and [...]

More From Our Brands

Access exclusive content