Russia’s Gazprom Media saw its revenues fall by 11% year-on-year in the first quarter to R14.84 billion (€244.07 million).
At the same time, according to Vedomosti, quoting statements by Gazprombank, its net loss amounted to R1.7 billion, or four times the R430 million posted a year earlier.
These falls were down to an overall decline in the ad market and increased costs in servicing the company’s debts.
However, they were also better than expected, helped by the niches TV channels of Prof-Media.
Gazprom Media acquired Prof-Media last year for $602 million, funding the deal with a credit of $510 million from Gazprombank for one year at an interest of 9% per annum.
The company’s TV interests now span five channels (NTV, TNT, TV-3, Pyatnitsa and 2×2), along with the DTH platform NTV-Plus and its proprietary channels.
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