GÜTERSLOH, Germany (CelebrityAccess MediaWire) — Media giant Bertelsmann saw both their revenue and profits increase in the first three months of the year the company said.
Bertelsmann reported that operating profits for the first quarter were €245 euros against the same period last year when the company realized €293 million, partly due to start-up and program investments, as well as seasonal effects (the Easter ad sales business took place after the first quarter this year).
Group profit more than doubled to €94 million over last year's Q1 result of €45 million. This was driven by lower interest rates, Bertelsmann's successful efforts in debt reduction and the end to a stock buyback program from Q1, 2010.
Bertelsmann, founded in 1835 Gütersloh, Germany, is the parent company behind RTL Group, Europe's largest broadcaster of radio and television as well as numerous publishing enterprises. – CelebrityAccess Staff Writers