Constantin Medien sees H1 profit slide
German rights group books $6.5 mil lossesBERLIN -- German rights group Constantin Medien followed the rest of the European industry on its downward slide over the first half of this year, booking €4.6 million ($6.5 million) in losses.
Revenue over the same period nearly doubled to €227.8 million ($325 million), but that almost entirely due to Constantin's consolidation of its 47.3% share in Swiss firm Highlight and not to any turnaround in the market.
Indeed, Highlight showed a similar drop. Half-year sales slipped 11.8% to 208.5 million Swiss Francs ($195 million) and net profits fell to just 5.9 million Swiss Francs ($5.5 million) from close to $18 million over the same period last year.
To adjust to the advertising downturn that continues to shake Europe, Constantin has announced a restructuring of its sports business, in particular its German all-sports channel DSF for the second half of this year.