Bertelsmann Posts Big Q3
German media and music publishing giant Bertelsmann posted a 20 percent increase in their net profits this year, propelled by their RTL broadcasting and strong performance in their publishing operations. The company reported that its earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations in the first nine months rose to 1.47 billion euros ($1.97 billion) from 1.43 billion last year.
“This performance makes us optimistic about the remainder of the financial year. We expect Group profit for the full year 2013 to increase by more than 20 percent, and as announced earlier, continued growth in revenues. We have taken important strategic steps in recent months towards making Bertelsmann a faster-growing, more digital and more international group,” Thomas Rabe, Chairman and CEO of Bertelsmann said.
Bertelsmann saw success on a number of fronts, including signing new contracts with major artists such as Mick Jagger, Keith Richards, Robbie Williams and the Backstreet Boys following the completion of the acquisition of BMG.
The company's online video business RTL Group also performed exceptionally well during the reporting period and the group’s year-on-year online video views rose by 122 percent to more than ten billion. Bertelsmann's publishing operation Penguin Random House had a strong quarter as well, placed 179 titles on the New York Times bestseller lists. Among the foremost titles for the year to date are the multi-million-selling “Inferno” by Dan Brown, and “Lean in” by Sheryl Sandberg. – Staff Writers