Pan-European broadcasting group, UPC, has posted a 62% increase in EBITDA, up from the E97 million loss of last time to a loss of E37 million for Q3 2001. This is a slightly better performance than ABN Amro forecasts which had expected an earnings loss of E39.6 million.
The group says it is still on track to meet or exceed its 2001 financial targets. Accordingly, the company is undertaking a capital restructure, the details of which will be announced shortly. Analysts at ABN say that this is likely to involve a debt for equity swap with Liberty Media, increasing the latter’s already substantial control over the group.
UPC has also been given clearance to merge its Polish satellite division, Wizja TV, with Vivendi Universal’s Cyfra+ and Canal+ Polska. The merger should be completed by the end of this year.
UPC is headquartered in Amsterdam and provides broadband communications across in Europe.
