AMSTERDAM — Pan-Euro media network SBS Broadcasting posted a 26% jump in net revenues in its first half year ending June 30 to Euro 414 million ($500 million). Much of the increase year on year came from new business.
Net profit in the same time-frame slipped from $17.2 million to $13.7 million, reflecting recent investment sprees in premium pay-TV and an increase in SBS’s share in Prima TV in Romania from 86% to 100%.
Markus Tellenbach, CEO of SBS, said the company’s growth and expansion strategy would continue, one of the reasons SBS took out a new bank facility in May that lowers the cost of capital.
Newly acquired business, particularly the pay-TV operations, is clearly on the road to paying off big time. Of the $104.4 million increase in net revenues for the first half year, premium pay-TV outfit C More, Prima TV and the Romanian radio stations, as well as recently launched channels The Voice TV, VijfTV and Irisz, accounted for $66.4 million, non-new business the rest.