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Acquisitions add to Entertainment One profit growth

Tue, 24th May 2016 07:53

(ShareCast News) - Media company Entertainment One reported a modest 2% rise in revenues for the year on Tuesday, to £803m, driven by strong performances in television and family offset by a weaker film division.The FTSE 250 firm reported a 20% jump in EBITDA to £129m, with organic growth in television and family as well as acquisitions contributing to the growth.Entertainment One's group reported profit before tax jumped 9% to £48m, with diluted earnings per share sitting at 9.6p, or 19.4p on an adjusted basis.The company's net debt leverage remained low at 1.4x group underlying EBITDA.Its board declared a 9% increase in dividend over last year, to 1.2p."eOne has delivered solid financial results at the group level, driven by strong organic growth in television and family, and the impact of acquisitions completed during the year, despite weakness in the film division continuing into the second half," commented chief executive Darren Throop."The benefit of the group's diversified model is apparent with growth in television and family providing a greater balance to the group's portfolio, enhancing the mix of eOne's revenues towards higher margin activities and protecting the bottom line against the cyclical film market," he added.Throop said the group's model to source, select and sell high-quality content continued to be at the centre of its strategy, as it continued to build relationships with content producers through its investment in Amblin Partners with Steven Spielberg and its acquisition of Renegade 83."We continue to select the best content to exploit across our global network and expect our film and television slate for the next financial year to be particularly strong" At the same time, we continue to deliver sales across the world through long-standing local relationships in our own territories and through our global international sales network, which has been enhanced through the investment in Sierra Pictures," Throop explained.He said the Mark Gordon Company currently has five US network and able series airing with two in production, with new family production PJ Masks surpassing its expectations as the company gears up for a new Peppa Pig series in July."Whilst there are positive expectations for the new financial year in film, we have taken specific steps in the division to address its long term profitability - a wide-reaching restructuring programme has been launched which will see annual cost savings of £10 million per annum from FY18, including long-term partnerships with Fox and Sony to help maximise eOne's home entertainment profitability."Throop said the foundations for growth are in place, and consumer demand was continuing to grow, leading to the board to anticipate that audiences will increasingly focus on the quality of the content they consume, gravitating towards premium television series, film and specialty genres."This market dynamic plays to Entertainment One's strengths and supports our strategic goal to double the size of the business over the five years to 2020."
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25 Aug 2016 14:47

FTSE 250 movers: eOne too pricey for ITV, smaller banks a bargain says Merrill

(ShareCast News) - The FTSE fell along with much of the market on Thursday, with Entertainment One and Just Eat leading the way lower. Entertainment One, known as eOne and distributor of the 'David Brent: Life on the Road' film currently in cinemas, was sent skidding as ITV swerved a potential takeo

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25 Aug 2016 11:00

LONDON MARKET MIDDAY: Stocks Down As Clinton Remarks Hit Pharma Sector

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25 Aug 2016 11:00

EntertainmentOne plunges as ITV switches channels

(ShareCast News) - ITV has withdrawn its proposed acquisition of Entertainment One, refusing to up its offer for the film and TV distributor after its "ITV continues to believe in the strategic logic and potential benefits of acquiring eOne but has a clear view of the value of the business, reco

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25 Aug 2016 11:00

EntertainmentOne plunges as ITV switches off

(ShareCast News) - ITV has withdrawn its proposed acquisition of Entertainment One, refusing to up its offer for the Peppa Pig owner after its initial bid was rejected, potentially leaving the door open for rumoured private equity bidder KKR. "ITV continues to believe in the strategic logic and p

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25 Aug 2016 10:23

UPDATE 1-Britain's ITV withdraws offer for Peppa Pig-owner eOne

(Adds background, shares) LONDON, Aug 25 (Reuters) - British broadcaster ITV said on Thursday it would not bid for Entertainment One after failing to persuade the owner of the children's TV character Peppa Pig to enter into a formal process. Canada's Entertainment One said earlier t

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25 Aug 2016 09:59

BUZZ-Entertainment One: ITV withdraws proposal to buy co

** Peppa Pig-owner Entertainment One's shares down 14.3 pct in volume, largest FTSE midcap losers, after ITV drops bid to buy co ** Worst day for Entertainment One stock in nearly 9 months ** ITV says it withdraws proposal as its view of Entertainment One's value is different to that

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25 Aug 2016 09:57

Britain's ITV withdraws Entertainment One takeover approach

LONDON, Aug 25 (Reuters) - British broadcaster ITV said on Thursday it had withdrawn its proposal to acquire Entertainment One after failing to persuade the board of the Canadian company to enter into a formal process. Entertainment One said earlier this month it had rejected a 1 billion-p

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25 Aug 2016 09:54

TOP NEWS: ITV Withdraws Bid For Entertainment One

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22 Aug 2016 07:02

Monday newspaper round-up: Brexit chaos, Nigeria oil, house prices, ITV-ETO

(ShareCast News) - Leaving the EU may not not happen anytime soon given that civil servants charged with the task don't yet have an office and hold meetings in Starbucks. Some estimates suggest "full Brexit" may take 10 years and involve up to 10,000 people, not only in the new and other so-called "

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18 Aug 2016 07:53

Entertainment One buys virtual reality games and film maker

(ShareCast News) - Entertainment One, still abuzz with rumours about a potential takeover by ITV or others, completed its own acquisition on Thursday, buying the remaining half of Canadian interactive content studio Secret Location, a specialist in the burgeoning virtual reality space. The FTSE 250

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15 Aug 2016 15:59

Britain's FTSE at fresh 14-month high, Sage Group recovers

* FTSE 100 up 0.4 pct * Oil stocks track oil price higher * Sage Group ends up after early slide * Entertainment One gains after deal chatter (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageI

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15 Aug 2016 09:22

Britain's FTSE at fresh 14-month high, though Sage Group slips

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets) * FTSE 100 up 0.2 pct * Sage Group sinks after data breach * Oil stocks track oil price higher * Entertainment One gains af

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15 Aug 2016 08:29

Entertainment One surges on improved ITV bid hopes

(ShareCast News) - Shares in Entertainment One were surging on Monday morning on reports that ITV might improve its bid for the Canadian TV and film distributor. ITV was understood to be working on lifting its previous bid for eOne, which is the majority owner of the maker of the enormously popular

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15 Aug 2016 04:11

PRESS: KKR Eyeing Entertainment One Bid After ITV Rebuffed - Bloomberg

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15 Aug 2016 01:06

KKR weighs bid for 'Peppa Pig' owner Entertainment One -Bloomberg

Aug 14 (Reuters) - Private-equity firm KKR & Co may bid for television distributor Entertainment One Ltd after the owner of the preschool cartoon character "Peppa Pig" rejected an offer from UK broadcaster ITV Plc, Bloomberg reported on Sunday. KKR has not decided whether to make a bid, Bl

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