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The company expects to change this in the third quarter of the year, after CME announced in November that PPF, the wealthiest Czech investment company Petr Kelner, would buy it.
After the relatively strong 2019 year for BTV Media Group, which ended with revenue and profit growth, the company’s first-quarter financial results were quite volatile. For the January – March 2020 period, the company reported net income of nearly $ 17 million, or 12.1% less than the same period last year. If we take into account the differences in exchange rates, the decrease is 9.1%. It is also one of the lowest net income in CME’s portfolio of operations, which also operates in Romania, Slovakia and the Czech Republic. (See table).
The Bulgarian company’s pre-impairment and amortization operating profit (OIBDA) also decreased to $ 4.8 million. This represents a decrease of 21.3% year-on-year, or 18.5%, if differences in exchange rates are taken into account.
In early November last year, CME announced that it would be purchased by Czech investment firm PPF Petr Kellner at an estimated price of $ 2.1 billion.
Since the early 2020s, cable ratings have collapsed, which is one of the leading causes of the financial collapse before the coronavirus pandemic.
One of the conditions for the completion of the transaction to acquire the media company’s business was that the company’s shareholders vote in favor of the transaction. According to the official announcement of the CME report, the vote was successful in late February. The approval of the competition authorities in the five countries where the CEE operates has not yet been approved and the company expects the agreement to be finalized in the third quarter of this year.
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