Media giant Bertelsmann yesterday announced its financial results for the year to June 30 – a profits hike of 35% to $1.7 billion before tax, interest, depreciation and amortization. Revenues increased 25% to $16.5bn.

The group also predicted a $7bn increase in revenues for the fiscal to June 2001. It also predicted an expansion of its magazine interests in the US, with ceo Thomas Middlehoff making constant allusions to Bertelsmann’s $15bn warchest.

Reference was also made – by chief financial officer Siegfried Luther – to upcoming initial public offerings for Bertelsmann businesses, although he warned that "not every subsidiary" is considered to have IPO potential.

News source: Advertising Age - Daily Deadline