The Constantin Medien media company, which owns the Team Marketing agency and German sports broadcaster Sport1, is looking for investors for its sports division, but is not willing to sell the unit, according to chief executive Bernhard Burgener.
“We are currently examining how the division can grow,” Burgener told the Sueddeutsche Zeitung newspaper. He added that it was possible to find a partner to help the sports unit grow, but added: “We will not cede control in any case.”
The newspaper added that the company wanted to retain its sports division as it is no longer loss-making following a cost-cutting drive and an internal restructuring.
In announcing its preliminary financial figures for 2011, Constantin Medien said that it had reduced its overall operating losses from €11.4 million ($15 million) in 2010 to €2.6 million last year. The company had been expecting a loss of between €6 million and €7 million in 2011.