2waytraffic, the AIM listed interactive media content provider, today announces a trading update for the year ended 31 December 2007. The Company has also announced today the terms of a recommended cash offer (the “Offer") made by 2JS Productions B.V. a wholly owned group company of Sony Pictures Entertainment Inc.
Trading Update
2waytraffic announces that despite a challenging 2007, the Company expects to report underlying Normalised EBITDA* for the year ended 31 December 2007 of approximately €29 million (unaudited). Net debt (excluding earn out liabilities) at the 2007 year end was approximately €70 million.
During the course of 2007, 2waytraffic has focused increasingly on its core business of producing, distributing and exploiting its expanding high quality catalogue of entertainment content across multiple platforms. This strategy had successes, including, at the end of 2007, new commissions and re-commissions for “Who Wants to be a Millionaire?” in a number of territories and significant interest and commissions for its new formats developed during the year. New elements have been introduced to “Who Wants to be a Millionaire?” in some territories and there has been increased interactive and ancillary exploitation. "50/50", the first spin-off from the well established format of “Who Wants to be a Millionaire?”, has also been launched.
Recommended offer
The Company has also announced today the terms of a recommended cash offer made by 2JS Productions B.V., a wholly owned group company of Sony Pictures Entertainment Inc. For further details of the Offer, 2waytraffic shareholders should refer to the Offer announcement dated 13 March 2008. The Directors note in the Offer announcement that should the Offer not proceed the 2waytraffic Directors believe that the continuing operations of the 2waytraffic Group will generate similar levels of profitability in 2008 as were generated in 2007. Accordingly, in these circumstances, the Directors would expect to agree a revised financial structure for the Group.
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