EM.TV cuts loss in half

Revenues rise on debt refinancing and selling assets

EM.TV & Merchandising, the Teutonic maker of children’s television programs, more than halved its 2003 loss as sales rose 8%, helped by a revenue increase in its new sports division.

The loss narrowed to S129.9 million ($158 million) from $377.5 million a year earlier, the company said in a release to the Frankfurt exchange. Sales were $328.5 million.

EM.TV has been refinancing debt and selling assets in order to stay in business. In February, the company received shareholder backing to restructure $486.8 million of convertible bonds. In May, it sold the Muppets to the children of the characters’ creator, Jim Henson, for $89 million. It had bought the company in 2000 for about $680 million.

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