After running into considerable financial problems, LazyTown was saved when Turner Broadcasting bought the company last year. Magnús Scheving, author of LazyTown, has a 21% stake in Turner Broadcasting System Iceland, LazyTown’s partner.
Operating result of LazyTown ehf. last year was negative by 2.56 million US dollars, about 321.7 million ISK at the current exchange rate, compared to a profit of 767 thousand dollars in 2010.
The result before depreciation and capital items of LazyTown was negative by 1.7 million dollars, compared to a profit of 1.8 million dollars the previous year. The group’s equity at the end of last year was about 12 million dollars and increased slightly between years. The group’s debts at the end of the year amounted to about 1.8 million dollars
According to Sigurðar Stefánsson, LazyTown’s CFO, it was expected that the operating results for 2011 would be negative when it was decided to cooperate with the American television giant Turner Broadcasting (as previously stated, Turner bought LazyTown’s operation last year) and the result is in line with long-term plans of the company. First, because accounting methods would have to be changed in line with what happens in the United States, and secondly, since long-term plans assumed that previously sold rights would have to be bought back so that they could be used within the Time Warner group.
According to Sigurðar, the company will make a profit in 2012 according to preliminary results. For competitive reasons, Sigurður does not want to disclose the value of the purchase of the aforementioned rights.
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