Fremantle Profits Up Nearly 25% But Lofty $3.3B Turnover Target Pushed Back Indefinitely
deadline.comFremantle profits were up by nearly a quarter last year but the much-vaunted €3B ($3.3B) turnover target appears to have been pushed back indefinitely.
For full year 2024, The Poor Things super-indie’s adjusted EBITA shot up by 23% to €171M, its highest to date. Fremantle-owner RTL put this down to “significantly lower overhead costs and the first-time profit contribution from Asacha Media Group,” which the outfit acquired at the start of last year at a cost of €200M when the acquisition of 80% of Singapore’s Beach House Pictures was included.
Adjusted EBITA margin was up by 1.5 percentage points to 7.6%, with a target of 9% set for 2025. RTL pointed to 2024 success stories including Oscar-winner Poor Things, hit Amazon YA series Maxton Hall, Kim Kardashian-produced doc Elizabeth Taylor: Rebel Superstar and U.S.
entertainment smashes like Family Feud and The Farmer Wants A Wife. But turnover at the Element Pictures-owner slid slightly to €2.25M, representing an 8% “organic” decrease that reflected an ” international market for content production [that] was still impacted by 2023 US strikes and by budget cuts from streaming services and advertising-financed broadcasters,” RTL said.
Read more on deadline.com