Constantin Medien Cuts Losses, Sales Steady In 2011
BERLIN – Constantin Medien, the German conglomerate whose subsidiaries include sports TV network Sport1 and indie producer/distributor Constantin Film, saw sales slip but trimmed losses significantly in 2011.
In preliminary figures released Thursday, Constantin said it booked $3.4 million (€2.6 million) in net losses last year, down from €11.4 million in 2010 and significantly less than the €6 million - €7 million in losses the company had forecast.
Revenues, however, didn’t hit the mark. Underperforming films in Constantin’s slate, including swashbuckler The Three Musketeers and kids 3-D film Wickie and the Treasure of the Gods, pulled down sales figures. Constantin Medien ended the year with group sales of $608 million (€465.7 million), down slightly on 2010 and below the firm’s projected earnings of between €470 million - €490 million.