PT Multimedia (PTM), the media subsidiary of Portuguese telecommunications giant Portugal Telecom (PT), posted operating revenues of Euros 625.8m last year, a 152.5% rise over the previous year.
The company credits the phenomenal rise to the full consolidation of leading local film distributor-exhibitor Lusomundo after January 1, 2001. PTM bought out Lusomundo last November for a reported Euros 267m. Lusomundo, which also maintains controlling interests in various print and radio media in Portugal, posted revenues of Euros 293m, a 7.9% rise over 2000.
Lusomundo is Portugal's leading film distributor, thanks to output deals with Buena Vista and UIP. It is also one-third owner, alongside Warner Bros. and Spain's Sogecable, of Iberian exhibition chain Warner Lusomundo Sogecable. The company reported 14.7m ticket sales in Portugal and Spain last year, up from 12.6m in 2000.
PTM also houses Portuguese pay tv outlet TV Cabo, which reached 1.16m subscribers last year, up 22.1% from 950,000 in 2000. Of those, 936,000 subscribe to cable TV and 224,000 to DTH services. TV Cabo posted operating revenues of Euros 281m.