Telegraaf back in black; German TV sell-off boosts profit

Telegraaf Media Groep (TMG) closed off 2013 with a remarkable net profit of €177.9 million, thanks to the selloff of its shares in broadcast company ProSiebenSat.1, announced the company today. "The media world has structurally changed," said acting CEO, Cees van steijn.

TMG expects the revenue from newspapers and ads to keep dropping this year, but anticipates revenue from radio activities will remain stable. By counteracting the lower revenue with cost-effective measures, such as cutting jobs, the company plans to achieve its cost-cutting target of €120 million by 2015. TMG structurally lowered its costs and simplified its organization, but will also invest in digital initiatives and financially stimulate national and regional papers. During the annual shareholders meeting on April 24th, TMG wants to discuss a new dividend policy.