Modern Times Group stayed in the black for the financial year 1999. “During the two last years we have produced a swing of more than half a billion kronar from losses to profit,” said Pelle Tornberg, president and CEO, Modern Times Group. Sales for the year were up by 23 per cent to SKr4,789 million (Euro 560 million). Net operating income rose by 74 per cent to SKr285 million.

Viasat Broadcasting had its best ever year as a result of heavy cost cutting. TV1000’s losses continued to fall mirroring the success of the Viasat Gold DTH programme package. MTG is responsible for SKr68 million in 1999 with an additional SKr30m losses being covered by Kinnevik, the conglomerate from which MTG was divested. From 2000 onwards Kinnevik will no longer contribute funds to cover the losses. At the end of 1999 TV1000 had 384,000 subscribers. There are now 1,000,093 holders of the Viasat smart card.

MTG’s electronic retailing division was hit by a decrease in the amount of available media time. Its deal with Eurosport, where TV Shop takes the overnight hours, did not produce the expected results and the deal is to be renegotiated.