laSexta loses €61 million

Iñaki Ferreras ©RapidTVNews | 09-04-2012


In its last financial posting before absorption by Grupo Planeta’s Antena 3, Mediapro’s laSexta lost some €61 million over the 2011 calendar year.
The poor performance of the national advertising market in a country hit by continued economic crisis has cited the reason for the losses as the launch of two new laSexta channels. The situation has forced the channel’s shareholders to inject €77.5 million into the business.
According to information received by holding company Gestora de Servicios Audiovisuales laSexta, the figures represent a decline of 22.6% compared with 2010.

The consolidated accounts show that the group’s turnover stood at €259.3 million by the end of 2011, a year-on-year drop of 17.6%. Advertising accounted for €233.7 million, with the other €21.6 million achieved through the sale of sports rights and other services including rental of Mediapro’s pay-DTT channel Gol TV for €6.95 million, and €3.64 million more related to the management of third-party advertising.
The asset imbalance with which the group closed the year 2010 forced the managers of the laSexta to undertake, during 2011, first a capital injection of €48.9 million through the capitalisation of a loan from its shareholders and later, two capital reductions: an initial €158.05 million along with the proposed reduction of the entire premium (€370.9 million) and another for €77.5 million, with a return of contributions of the partners.

At year-end, the channel had agreements to purchase rights worth €289.81 million. Many of these correspond to rights commitments for sporting events worth €144.68 million through 2014. This figure still included the contract for Formula 1 (which went on sale its shareholder Mediapro and is now owned by Antena 3), for which it had to pay €42.5 million for the 2012 season and €45 million the year after.