MME sees revenue, profit gains in'06
EmptyCOLOGNE, Germany -- German television production group MME Moviement, the target of a takeover bid by U.K.-based All3Media, boosted revenue and profits in 2006 but said more investment is needed to ensure growth.
Sales at MME, which specializes in talk show, reality TV and entertainment formats, were up 6.5% last year to €93.4 million ($125 million). Pretax profits (EBIT) inched up 2.4% to €7 million ($9.3 million).
Operating results (EBITDA), however, were down slightly at €8.6 million ($11.5 million), a consequence of much-needed investment in established formats, the company said.
"To secure our daily program slots, we had to make further investment in several shows, particularly daytime programming," MME chief executive Martin Hoffman said.
All3Media, the U.K.'s largest independent television production group, has submitted a takeover bid for MME -- an offer that values the Berlin-based company at €78 million ($104 million).
All3Media is controlled by private equity group Permira. Late last year, Permira, along with KKR, acquired leading German broadcaster ProSiebenSat.1.
KKR/Permira intends to merge ProSiebenSat.1 with SBS Broadcasting, the pan-European TV group they also control.
Permira's bid for MME is €7 ($9.3) a share. By noon Friday, MME stock was trading up half a percent at €6.9 ($9.2).