Telegraaf Media Groep (TMG) huge debt in 2008 16 Mar 2009

The total net-loss was 360,8 million euro’s. This enormous loss is mainly caused by the decrease in value of 295 million Euro’s on a stake in the broadcasting concern ProSiebenSat1.

But also the huge reorganisation of the company, which costs almost 500 jobs, was of great influence.TMG owns at the beginning of the summer of 2008 6 per cent of ProSiebenSat1 and is in the Netherlands also the owner of TV-broadcasters SBS 6, Net 5 and Veronica. On the stock exchange the value of the block of shares was decreased enormously by which TMG was urged to write of the value. According to the company participating in ProSiebenSat1 was a strategic move, so they have access to the German television market.TMG had in 2007 a record profit of over 399 million Euro. This was mainly caused by the sell of stakes in SBS and Wegener. For the vision of 2009 the TMGroup won’t make any statements, due to the recession the turnover of the advertisement in printed media will decrease as well as with radio-advertisement. In the first 2 months a downfall of the turnover was clearly visible throughout the whole concern.