TMG records 7% growth over '06
EmptyBERLIN -- Revenue and profits at Herbert Kloiber's Tele Munchen Group hit new high-water marks in 2007, helped by double-digit growth in the company's core licensing business.
TMG booked a record $449 million in sales last year, a 7% jump on 2006 and operating profit (EBITDA) was $72 million, another all-time high for the 38-year-old firm.
TMG's rights business was its growth engine, with licensing revenues jumping 11% year-on-year to $289 million. But Kloiber's commercial TV channels also delivered, with Munich-based Tele 5 showing a 33% increase in ad revenues over 2006.
Austrian channel ATV boosted ad sales by 10% to $81 million. Earlier this year Tele Munchen took full control of ATV, buying up the remaining shares in the channel controlled by Cerberus Group.
TMG's spending has kept up with its growth. The company invested a record $225 million in programming rights in 2007, acquiring titles such as "Iron Man," "The Incredible Hulk," "Babylon A.D." and "Dan In Real Life" for the German market.
TMG's theatrical distribution arm Concorde Film recently won a German bidding war for Martin Scorsese's "Shutter Island," paying a reported $12 million for the mystery thriller starring Leonardo DiCaprio, Michelle Williams and Ben Kingsley.