Constantin Media has upbeat Q3
German broadcaster Edges into profit for nine-month periodSTOCKHOLM -- German broadcaster and rights group Constantin Media achieved turnaround in Q3, earning net profits of €3.6 million ($5.4 million) on revenues of €128.5 million ($194 million). To compare: in Q3 2008 Constantin Media lost €127 million on revenues of just €109 million.
For the nine months to Sept. 30, Constantin squeaked through with a net profit of €2.9 million ($4.4 million). Revenues soared to €356.3 million ($537 million), some $200 million more than the same period last year, due to the company's full consolidation of its 47% stake in Switzerland's Highlight Group. Highlight, in turn, controls German indie production/distribution group Constantin Film.
Constantin Media is bullish for the full year, forecasting revenues of around €500 million ($754 million) and positive net earnings. The Munich-based group, formerly known as EM.SportMedia, is also in line for settlements totaling around $85 million with U.S. insurers Chubb and ACE. The payouts from so-called Directors and Officers Liability (D&O) policies are linked to violations committed by the company's management nearly a decade ago.
Constantin shareholders will vote next month to approve or reject the insurance settlements.