You will be redirected back to your article in seconds

Modern Times on the rise

Rapid growth compensates for recent ad market issues

AMSTERDAM — Scandinavia’s Modern Times Group more than tripled its net income in its first half year on the back of a mild 11% rise in net sales.

Hans-Holger Albrecht, chief exec of MTG, which has a string of pay and free-to-air channels across Northern and Eastern Europe, said the rapid growth in its Eastern Euro ops “more than compensated” for problems it was having in the advertising market in Denmark and the failure of TV3 in Sweden to perform as expected.

He added the resolution of its piracy problems with a new NDS encryption system helped boost paybox income by 8% in the first half. Company had also taken aggressive legal action to reduce losses due to piracy in recent years.

Net profit rose to $88 million in the first half from $24 million a year earlier. Net sales rose to $477 million from $429 million. Operating income, which included the sale of its SDI Media subtitling and translation service, climbed 60% to $66 million.

Net sales for production and distrib arm Modern Studios remained flat at $42 million, partly due to lowered sales for TV production outfit Strix.

More Biz

  • US Capitol

    The Music Modernization Act: An Industry Speaking With One Voice (Guest Post)

    AMSTERDAM — Scandinavia’s Modern Times Group more than tripled its net income in its first half year on the back of a mild 11% rise in net sales. Hans-Holger Albrecht, chief exec of MTG, which has a string of pay and free-to-air channels across Northern and Eastern Europe, said the rapid growth in its Eastern […]

  • Sky takeover. Undated file photo of

    What Does Sky Look Like With Comcast at the Controls? (Analysis)

    AMSTERDAM — Scandinavia’s Modern Times Group more than tripled its net income in its first half year on the back of a mild 11% rise in net sales. Hans-Holger Albrecht, chief exec of MTG, which has a string of pay and free-to-air channels across Northern and Eastern Europe, said the rapid growth in its Eastern […]

  • Comcast Takes on Disney with Dreamworks

    Comcast Faces More Battles After Winning the Fight for Sky

    AMSTERDAM — Scandinavia’s Modern Times Group more than tripled its net income in its first half year on the back of a mild 11% rise in net sales. Hans-Holger Albrecht, chief exec of MTG, which has a string of pay and free-to-air channels across Northern and Eastern Europe, said the rapid growth in its Eastern […]

  • Richard Parsons. Ricard Parsons attends the

    Richard Parsons Named Interim Chairman of CBS' Board of Directors

    AMSTERDAM — Scandinavia’s Modern Times Group more than tripled its net income in its first half year on the back of a mild 11% rise in net sales. Hans-Holger Albrecht, chief exec of MTG, which has a string of pay and free-to-air channels across Northern and Eastern Europe, said the rapid growth in its Eastern […]

  • Jon Platt Martin Bandier

    Jon Platt to Officially Succeed Martin Bandier at Sony/ATV Music Publishing

    AMSTERDAM — Scandinavia’s Modern Times Group more than tripled its net income in its first half year on the back of a mild 11% rise in net sales. Hans-Holger Albrecht, chief exec of MTG, which has a string of pay and free-to-air channels across Northern and Eastern Europe, said the rapid growth in its Eastern […]

  • John Malone

    What Does a Two-Headed SiriusXM/Pandora Giant Mean for the Radio Industry?

    AMSTERDAM — Scandinavia’s Modern Times Group more than tripled its net income in its first half year on the back of a mild 11% rise in net sales. Hans-Holger Albrecht, chief exec of MTG, which has a string of pay and free-to-air channels across Northern and Eastern Europe, said the rapid growth in its Eastern […]

More From Our Brands

Access exclusive content