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TV giant results liven Telefonica earnings

Reality propels Endemol's revs

MADRID — Dutch TV giant Endemol has reported a 7% gain in first-half revenues to 399 million euros ($446.9 million).

According to parent company Telefonica, which filed its first-half corporate earnings Tuesday, Endemol’s revenues increased 15% in its European markets.

The improved results came from cost-cutting and “a slightly better performing market than a year ago, particularly in the Netherlands and Germany where our clients have increased their orders, but also in France and the U.S.,” said Endemol spokesman Thomas Notermans.

Despite Endemol’s push to tap multiplatform revenue streams, Notermans added it was still “90% a TV company,” and the growth came from that sector.

Endemol earnings before interest, taxes, depreciation and amortization stood at $81.3 million for the first half of 2003, 5% above the same period a year earlier.

Led by broadcaster Telefe, Telefonica’s Argentine interests saw a 73% leap in peso revenues, driven by a recovery in the country’s ad market, to a total first-half turnover of $36 million.

Housed at the Admira Media Group, revenues for Telefonica’s media assets rose from $536 million for first-half 2002 to $875.5 million through June this year, owing largely to an accounting technicality: the above-the-line consolidation of broadcaster Antena 3. Telefonica sold a controlling stake in the web to the Planeta and DeAgostini groups earlier this year.

(Marlene Edmunds contributed to this report.)

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