The second quarter of 2020, when the coronavirus-led crisis set off, had a major impact on the group’s earnings: revenue reached $37 million, down 23% on the year, and the operating profit (operating income before depreciation and amortization- OIBDA) stood at $18.7 million, down 25% on the year.
Pro TV is part of Central European Media Enterprises (CME), the largest television operator in Central and Eastern Europe (CEE), with revenue of $279 million in the first half of 2020, down 15% on the year, and an operating profit of $91.6 million, down 17% on the year. In the second quarter of 2020, CME Group’s revenue stood at $133.5 million, down 26% on the year, and its operating profit reached $54.5 million, down 25% on the year.
The American group has television stations in Romania, the Czech Republic, Bulgaria, Slovakia and Slovenia.
CME, held by giant AT&T, is on the process of selling its operations to Czech-based investment fund PPF, owned by billionaire Petr Kellner. Per the official press statement released Tuesday, when CME reported the financial results for the first half and the second quarter of 2020, the sale transaction is due for completion in the autumn, after receiving all regulatory clearances. Per the press release, regulatory clearances in Romania have already been obtained.
If the transaction gets green light from the European Commission, ProTv Group, the largest on the Romanian market, will be held by Petr Kellner starting this autumn. Kellner also has several other operations in Romania, namely, two office buildings located in the vicinity of the Romanian Government building.