Private Spanish broadcaster Antena 3 has eradicated its debt and posted its best ever financial results, according to CEO Juan Jose Nieto.
The broadcaster reported year-end profits of $131m (pts20,887m), a whopping 73% rise over the previous year's results.
Celebrating its ten-year anniversary this year, Antena 3's remarkable success is attributed to a rise in cash flow thanks to a diversification of activities and the depletion of the station's debt, which was finally wiped out this February. The broadcaster has reduced its debt by more than half each year since 1997, when Nieto took the helm.
At the same time, operative cash flow at the network rose in 1999 to $144m (pts22,972m). In-home shopping and cinema advertising divisions made up nearly half of Antena 3's revenues, which showed an overall 29% rise to $626m (pts100,149m).