Bertelsmann, Germany’s largest media company, today announced third quarter losses of E384 million but has expressed confidence that business will pick up in the last few months of the year.
Bertelsmann, whose interests include Channel 5 owner RTL, made an operating profit of E102 million but accounting write-downs meant that the company’s net debt had increased to E711 by the end of September. However, Christmas sales are expected to boost earnings in the fourth quarter.
“With a mixture of consolidatiion and renewal, Bertelsmann is moving forward even in difficult economic times like these,” said CEO Gunter Thielen in a statement.
Bertelsmann is looking for buyers for its online book retailer BOL and the publisher BertelsmannSpringer but Thielen has denied that he is under pressure to sell Channel 5 or the firm’s US magazine businesses (see Bertelsmann To Consolidate, Not Sell, Says Chief).
