Report
Fiona Orford-Williams

Constantin Medien - A sporting chance

After a complex series of disputes, now effectively resolved, Constantin is a focused sports media business, with a new management team, delivering sports content over a variety of owned free- and pay-TV channels, digital and mobile platforms. Its main revenue streams are advertising and sponsorship, with strengthening commercial relationships with gambling operators. Over half of its market valuation reflects its remaining stake in Highlight Communications, itself now considering a bid for Constantin.
Underlying
Constantine Medien

Constantin Medien is an international media company. Co.'s activities can be divided into four segments: Sports Segment (Co. offers free-TV and pay-TV channels as well as the portal SPORT1.de. In addition, Co. runs the Bundesliga live Channel LIGA total!, offers production-related services, and other services in the Creative area); Film Segment (Co. is an independent producer and distributor of theatrical films, video/DVD and television films); Sports and Event Marketing Segment (Co. specializes in the marketing of major international events) and Other Business Activities Segment (Co. is active in the areas of casino machine trading, development of skill game machines and social gaming).

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Fiona Orford-Williams

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