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ITV
Sales and profit older brother Powerhouse Banijay has gained more than 5% in the last year, but the group remains heavily indebted, much of it languishing for several years.
Full-year results from Banijay owner FL Entertainment showed the superindie’s revenue rose 5.7% to 3.3 billion euros ($3.6 billion) and adjusted EBITDA of 6.7% in what has been a difficult year for TV production. This amount increased to 494 million euros. ITV and ProSiebenSat.1 posted losses earlier today.
FL Entertainment attributed this increase to “renewal of proven super brands and series” as well as the following acquisitions: help With producer The Forge, the company decided to move into new areas such as sports and live events, the latter culminating in the acquisition of Balich Wonder Studio.
“In a challenging macroeconomic environment, the Group’s content offering is particularly well-adapted to meet customer needs, demonstrating the attractiveness and proven popularity of a well-diversified and well-rounded portfolio,” the Florida filing said. It is written in the book. Banijay acquired Endemol Shine for $2.2 billion earlier this year and took it public through an agreement with a SPAC investment group in 2022.
of SAS: Rogue Heroes and chef However, the debt pile of producers remains high, increasing to more than 2 billion euros in 2023. The bulk of its debt, around 85%, has extended maturities from 2028 to 2029, and its net debt cost now totals nearly €200 million. For FL Entertainment.
Marco Bassetti, CEO of Banijay, said the results “reaffirm the continued strength and resilience of our group.”
“To strengthen our competitiveness in the market and continue to expand into complementary areas, we made 14 acquisitions and investments during the year, expanding our capabilities in live events,” he added. .
Bassetti said Banijay’s “truly global, platform-agnostic status has allowed us to maintain our customer base.” He noted that more than 70 new scripted titles were launched, 200 were unscripted and 115 were pilots.
FL Entertainment was optimistic about its near-term future, targeting high-single-digit growth again in 2024.
Earlier today, ITV and ProSiebenSat.1 each posted significant losses of more than $100 million.