Intertainment sees $3.7 mil loss
EmptyCOLOGNE, Germany -- German rights group Intertainment, which only emerged from bankruptcy protection late last year, lost €2.8 million ($3.7 million) for the period from January to September 2006, even as revenue crept up to €1.4 million ($1.8 million) compared with €1 million over the same period in 2005.
In addition to the insolvency proceedings, Intertainment and new parent company Kinowelt, put the blame for the drop on the chronically weak dollar.
Currency rates are a key issue for Intertainment as it has ongoing damage suits in the U.S. The value of those suits in Euros have shifted downward as the greenback falls.
Kinowelt, which acquired Intertainment last year, is looking to merge the rights group with rights/production entity Epsilon, which Kinowelt acquired out of the remnants of the KirchMedia collapse in 2002.