Entertainment One has revealed a £43.9 million loss in the first quarter of the year, according to the latest financial reports surrounding the Peppa Pig owner.
The reports have emerged just a matter of days before Hasbro puts its takeover offer of £3.3 billion to a shareholder vote. The toymaker made the move to buy eOne back in August, subject to shareholder approval next Thursday.
Entertainment One has now posted a £43.9 million, up from a £6.8 million loss for the same period last year. It has pointed the finger at higher debt and its acquisition of Audio Network.
According to City AM, revenue fell seven per cent year on year to £173.1 million while underlying earnings before interest, tax depreciation and amortisation fell from £17.3 million last year to £13.4 million.
Today, Entertainment One has said that while family and brands division revenue was “broadly stable”, film and television suffered a poor performance due to ‘variances in the timing and mix of deliveries compared to the prior period.’
On top of this, eOne said that the “market for scripted shows remains vibrant,” and that its music division continues to grow organically while benefiting from Audio Network’s catalogue.