Intermedia adds losses

IEG sell off hits German group's bottom line

COLOGNE — German entertainment group Internationalmedia ended 2003 in the red and said it will not return to operating profit this year.

Munich-based group announced Monday that it is expecting a net loss of E94 million ($112 million) for 2003, after a loss of $126 million in 2002.

Result stems largely from the sale of Initial Entertainment Group (IEG) to its toppers Graham King and Colin Cotter.

Company noted that liquidity remained critical and that it has signed up for an $18 million loan with a U.S. investor group it declined to name. Loan will provide interim financing on pre-production for upcoming films, it said.

Writeoffs on development costs for projects started since 2001 and the tense situation on the international pre-sales market will prevent Internationalmedia from recording an operating profit this year, it said. Company’s current license portfolio includes “Terminator 3,” “The Wedding Planner” and “K-19: The Widowmaker.”

From IEG, Internationalmedia has retained film rights worth around $4 million, plus overages from “Traffic,” “Gangs of New York,” “Ali” and “The Aviator.”

More Scene

  • Issa Rae, Natasha Rothwell and Yvonne

    'Insecure' Season 3 to Introduce New 'Timely' Show Within The Show

    COLOGNE — German entertainment group Internationalmedia ended 2003 in the red and said it will not return to operating profit this year. Munich-based group announced Monday that it is expecting a net loss of E94 million ($112 million) for 2003, after a loss of $126 million in 2002. Result stems largely from the sale of […]

  • Ryan Murphy Pose

    Ryan Murphy on 'Showrunning as Advocacy' and the Post-Me Too 'Age of Enlightenment'

    COLOGNE — German entertainment group Internationalmedia ended 2003 in the red and said it will not return to operating profit this year. Munich-based group announced Monday that it is expecting a net loss of E94 million ($112 million) for 2003, after a loss of $126 million in 2002. Result stems largely from the sale of […]

  • 'The Sinner' film premiere

    Jessica Biel Closes Her Kid-Friendly Au Fudge Restaurant

    COLOGNE — German entertainment group Internationalmedia ended 2003 in the red and said it will not return to operating profit this year. Munich-based group announced Monday that it is expecting a net loss of E94 million ($112 million) for 2003, after a loss of $126 million in 2002. Result stems largely from the sale of […]

  • Comedy Converstion with L to R:

    Just for Laughs Festival Honors Tiffany Haddish, Hannah Gadsby, More

    COLOGNE — German entertainment group Internationalmedia ended 2003 in the red and said it will not return to operating profit this year. Munich-based group announced Monday that it is expecting a net loss of E94 million ($112 million) for 2003, after a loss of $126 million in 2002. Result stems largely from the sale of […]

  • Paul Krassner Memoir Illustration

    Paul Krassner on Resisting With Humor

    COLOGNE — German entertainment group Internationalmedia ended 2003 in the red and said it will not return to operating profit this year. Munich-based group announced Monday that it is expecting a net loss of E94 million ($112 million) for 2003, after a loss of $126 million in 2002. Result stems largely from the sale of […]

  • Just for Laughs Festival Montreal

    Just for Laughs Festival Is the Coachella of Comedy

    COLOGNE — German entertainment group Internationalmedia ended 2003 in the red and said it will not return to operating profit this year. Munich-based group announced Monday that it is expecting a net loss of E94 million ($112 million) for 2003, after a loss of $126 million in 2002. Result stems largely from the sale of […]

More From Our Brands

Access exclusive content