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Bertelsmann posts USD366m loss

Net 2008 profits at German media group Bertelsmann are down a third to EUR270m (USD366m), following impairment charges of EUR502m blamed on the economic downturn. The group’s TV unit RTL accounted for the majority of the charges, which are related to the poor performance of UK broadcaster Five. The firm’s 2008 operating profits dropped to EUR1.6bn (USD2.17bn) from EUR1.7bn (USD2.3bn) the previous year. Bertelsmann expects earnings and sales to decline further in 2009.

Read More24 Mar 09