Strong Scandinavian TV Lifts Results at Modern Times Group
The Scandinavian media giant sees profits slump in the third quarter but is still strong for the year.
COLOGNE, Germany – Swedish media giant Modern Times Group has come through a rough third quarter but remains in the black for the year.
MTG saw net profits plunge 15 percent to in the last three months 306 million Krona ($46 million) on slightly better sales of 3.106 billion Krona. But year-to-date MTG is still ahead, with revenue up three percent to 9.76 billion Krona and profits eight percent stronger at 1.28 billion Krona.
Growth came from the company’s core Scandinavian channels, with around 10 percent profit growth in both its Nordic free-TV and pay TV divisions so far this year.
Things looked less rosy farther east, in Central and Eastern Europe where MTG operates some 20 channels. Free-TV operations there showed slight revenue growth of three percent but are still strongly in the red, with a net loss of 35 million Krona over the last nine months.
Modern Times Group operates 60 free and pay TV channels in 35 countries, reaching 125 million viewers.