Russia’s Prof-Media may delay an IPO despite reporting better than expected results for last year.
Kommersant reports that the company, whose interests include the TV stations TV-3, MTV, 2×2 and VH1, along with the film company Central Partnership (TSPSH) and internet holding company Rambler Media, saw its revenues rise by 4% to R16.113 billion (€405.7 million) in 2009.
The performance of its TV stations was particularly noteworthy: while total TV ad expenditure in 2009 decreased by 18%, theirs rose by 31% to reach R4.881 billion.
Analysts say the IPO, which was scheduled for this spring, is likely to be delayed due to current market conditions.
It was assumed that Prof-Media would offer investors up to 40% of its parent company Profmedia Invest, based on a total valuation of $2-3 billion (€1.5-2.2 billion) for the holding.