Tuesday, March 23, 2010

Low 'Marks' for Bertesmann in Harsh 2009 Economy

Random HouseImage by Alexander Smolianitski via Flickr
Media conglomerate Bertelsmann, whose holdings include RTL radio & television co. and publishing houses Gruener & Jahr and Random House, blamed the global economic downturn and an asset devaluation for a $111 million net loss in 2009.

In contrast, the media giant realized a $192 million profit in 2008. Overall, sales declined by 5 percent last year to $21.1 billion. A family trust is the principal owner of Bertelsman, though the company reported that shareholders would receive a total $81.2 million in dividends despite last year's net loss. 

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