Optimism despite TV debacle
Medien Z is in the red - because of its commitment to RTL/Pro7 Switzerland
Medien Z is in the red - because of its involvement with RTL/Pro7 SchweizRTL/Pro 7 Schweiz has a future - if given the time." This sentence can be found in the 1999 annual report of Medien Z Holding AG. The special thing about it is that the report was not written until RTL/Pro 7 Schweiz had already been discontinued. This is evidenced by another sentence that even appears twice in the report: "After seven months, on March 24, 2000, the program window had to be definitively closed because, despite being the most successful private Swiss program offering, the results fell significantly short of the expectations and objectives of the shareholders." All in all, reading the report, one gets the impression that Medien Z, which held a 16 percent stake in RTL/Pro 7, is resentful of the decision to close it down.
Be that as it may, the decision in any case leaves deep traces in Medien Z's 1999 balance sheet in the form of highly red figures. The investments made and the associated dissolution and liquidation costs of around CHF 2.5 million were written off as far as can be estimated in the 1999 financial year on the basis of the holding company's 16 percent stake.
Accumulated loss despite profit after provisions
This resulted in a balance sheet loss of 684088 francs. This is all the more serious because Media Z was able to report a profit of a good 600,000 francs in 1998, after provisions of 65,000 francs.
Despite the deficit, 1999 was an "excellent business year" according to the press release of Medien Z with its wholly owned subsidiary Radio Z. It also feels that it is "well equipped for the future" for its activities in the electronic and digital media market.
Despite the TV debacle, the company continues to cite "innovation, increased strategic partnerships and a willingness to embrace change" as factors in its success.
Medien Z, which markets the RTL, RTL 2, Pro 7 and Kabel 1 channels via IP Multimedia, has a 30 percent stake in Radio Ri and a 20 percent stake in Radio Eviva. It also holds 40 percent of the new electronic publishing company Swisscontent Corporation.
Markus Knöpfli
Be that as it may, the decision in any case leaves deep traces in Medien Z's 1999 balance sheet in the form of highly red figures. The investments made and the associated dissolution and liquidation costs of around CHF 2.5 million were written off as far as can be estimated in the 1999 financial year on the basis of the holding company's 16 percent stake.
Accumulated loss despite profit after provisions
This resulted in a balance sheet loss of 684088 francs. This is all the more serious because Media Z was able to report a profit of a good 600,000 francs in 1998, after provisions of 65,000 francs.
Despite the deficit, 1999 was an "excellent business year" according to the press release of Medien Z with its wholly owned subsidiary Radio Z. It also feels that it is "well equipped for the future" for its activities in the electronic and digital media market.
Despite the TV debacle, the company continues to cite "innovation, increased strategic partnerships and a willingness to embrace change" as factors in its success.
Medien Z, which markets the RTL, RTL 2, Pro 7 and Kabel 1 channels via IP Multimedia, has a 30 percent stake in Radio Ri and a 20 percent stake in Radio Eviva. It also holds 40 percent of the new electronic publishing company Swisscontent Corporation.
Markus Knöpfli
