TalkSport Owner UTV Media Sees Pre-Tax Profits Fall 11% Due To London Games
UTV Media, the owner of TalkSport and the Northern Ireland TV franchise, saw adjusted pre-tax profits fall by 11% in '12 as a "revenue bonanza during Euro 2012 was wiped out by lean advertising during the London 2012 Olympics," according to Mark Sweney of the London GUARDIAN. UTV Media reported that "adjusted pre-tax profits fell" to £20.9M ($31.5M), in its full-year results published on Tueday. UTV Media Chair Richard Huntingford said the "positive effect of the Euro 2012 football tournament in the first six months was replaced by a lacklustre performance around the Olympics in the second half of the year." UTV Media was hit by a 39% slump in operating profits at its TV division, down from £6.4M ($9.7M) to £3.9M ($5.9M) year on year. The company said, "The absence of any major sporting event in the first half of 2013 will have a temporary negative effect when compared to the revenue boost from the Euro football tournament in 2012. However, this will be tempered across the year by the inclusion of the Lions Tour of Australia, for which TalkSport has exclusive rights, with a further spike in revenue anticipated from the World Cup in 2014" (GUARDIAN, 3/19).