Bertelsmann Profits Fall 25% For 2002
Guetersloh, Germany -- The second largest media group in Europe, Bertelsmann, announced on Tuesday that the company's profits fell 25 percent last year, due mostly to declining sales and a write off for the purchase of Zomba Music Group. Net income fell to 928 million euro ($995 million), while sales dropped 3.5 percent to 18.3 billion euro ($19.5 billion), the company said. Bertelsmann has been selling assets and closing units in a bid to reduce an enormous debt load amassed during the tenure of former CEO Thomas Middelhoff, who engineered the company's investment in Napster.
http://www.bertelsmann.com/news/channel/channel.cfm
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