Entertainment One Doubles Full-Year Profits
Strong TV revenues offset disappointing film performance from Canada's 'Hunger Games' distributor.
Entertainment One on Tuesday announced that it doubled its full-year earnings for the year ending March 31, despite lower overall revenues.
The Toronto-based indie producer and distributor saw pre-tax profits rise 105 percent to £44 million ($68.27 million) as overall revenue fell 5 percent to £785.8 million ($1.21 billion). TV revenue rose 32 percent to £227.6 ($353.1 million), in part after eOne acquired rival TV producers like Paperny Entertainment and Force Four Entertainment.
Film revenue fell 14 percent to £592.6 ($919.4 million) amid a "challenging year" for global box office, the company reported. eOne delivered 572 half-hours of TV content during the 2015 fiscal year, compared with 507 half-hours in the prior year, including seasons five and six of ABC's Rookie Blue, season four of AMC's Hell on Wheels and the mini-series The Book of Negroes for BET.
The Canadian company in January 2015 acquired a 51 percent stake in The Mark Gordon Company, which recently greenlit two series: Quantico on ABC and Criminal Minds: Beyond Borders on CBS. On the film side, eOne said it expected a turnaround this year, with an upcoming release slate that includes The Hunger Games: Mockingjay — Part 2, The Divergent Series: Allegiant — Part 1, The Hateful Eight, Gods of Egypt, Masterminds, The Last Witch Hunter and Insidious: Chapter 3.