Virgin Media TV remained in profit last year despite falling advertising revenues

Virgin Media Television posted a second consecutive year of operating profit last year despite falling revenues stemming from an ongoing decline in spot advertising. New accounts for Virgin Media Television Ltd (VMTV), the company behind the Virgin Media One channel and the Virgin Media Player, reveal that operating profits at the company, which is owned by billionaire media mogul John Malone’s Liberty Global, dropped by more than 97 per cent to €544,000 last year. However, the large decline reflects a one-off €15.6 million gain in 2024, related to the merger of a dormant subsidiary company, Kish Media, and the reversal of an impairment charge against intercompany balances owing. When the exceptional accounting item was excluded, VMTV swung to a €1.5 million operating profit in 2024 after reporting operating losses in each year since 2020.READ MOREVMTV generated the €544,000 operating profit last year, despite a 3.4 per cent drop in its revenues to just under €56.3 million. In a report attached to the accounts, the directors said the drop-off was due to a decline in spot advertising revenues, which was partially offset by an increase in digital sales and digital licensing revenues. In a separate set of accounts, the company behind the Virgin Media Two channel also flagged a decline in revenues, driven by falling advertising sales. Channel 6 Broadcasting Ltd reported a 17.5 per cent slump in revenues to €10.4 million, with operating profits down by more than 70 per cent to just over €2 million. The directors said the dip in operating profits related to the revenue decline, along with a €3 million increase in amortisation. More to follow ...