Germany's ProSiebenSat.1 Group has posted strong financial results, just days before U.S. investor Haim Saban is likely to sign off on his deal to buy the broadcaster.
The ProSiebenSat.1 Group reported a sharp earnings increase in the second quarter of 2003 and posted group pre-tax income for the first six months of Euros 2.5m, well above the first quarter loss of Euros -30.8m.
Board chairman Urs Rohner said: "Our business development proceeded more positively than expected between April and June. The adopted cost-cutting measures are taking effect and the performance of our stations has significantly increased in the past twelve months. At the same time, we have strengthened our supply of programmes, particularly with attractive feature films and series from Hollywood. Our supply of feature films was never as good as it is today."
In the current financial year, the ProSiebenSat.1 Group has concluded flim package deals with almost all of the Hollywood studios and agreed with KirchMedia to a volume deal of films and series from the Kirch library.
Rohner welcomed the decision by KirchMedia's creditor committee to accept the bid of a consortium led by US billionaire Haim Saban to acquire 36% of ProSiebenSat.1's ordinary shares. "Through this, we receive a stabile shareholder structure and the necessary calm to be to again concentrate completely on the operative business. Haim Saban and his co-investors are ideal partners for us, from whom we can profit. Now what matters is that the purchase contract is concluded as quickly as possible."