TV2 books positive EBITDA for first time since crisis

Banking

Hungarian commercial channel TV2, which was recently bought out by its management, had positive EBITDA for the first time in 2014 since 2008, the television broadcaster said yesterday. EBITDA reached HUF 958 mln last year, while revenue rose 8.5% to HUF 17.6 bln, supported by a 13% increase in ad revenue.

Spending on original content grew 36% to HUF 5.3 bln. The TV2 media group includes the television channels TV2, Super TV2, FEM3 and PRO4.

Hungarian news reports suggested earlier that the progressive advertisement tax favored TV2 over chief rival RTL Klub, as the latter was alone in the highest bracket, forced to pay 50% on its ad revenue. The German RTL Group company filed a complaint to Brussels and said that the tax was intended to pressure the station into better government news coverage – and that it put its Hungarian business in a “structurally loss-making position”. The government recently drafted an amendment that would put a 5.3% upper limit on the tax.

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