German media group Constantin Medien has officially rebranded as Sport1 Medien, with the new company name designed to highlight its “passion” for sport.
The name change was approved during the group’s annual general assembly on July 24 last year and came into effect yesterday (Thursday). The name change aligns with a change in the company’s purpose, which will place a stronger focus on activities in the digital sector.
The rebrand also takes place following the company delisting from the Frankfurt Stock Exchange following a proposal from parent company Highlight Communications in August.
Sport1 Medien’s management board will continue to consist of Olaf Schroeder as chief executive and Matthias Kirschenhofer as chief officer of legal and finance.
Sport1 Medien’s subsidiaries include its flagship German sports broadcaster Sport1, production company Plazamedia, and Match IQ, the agency that organises friendlies and training camps for German clubs. Magic Sports Media, the betting agency, and Leitmotif Creators, the design agency, also sit underneath the Sport1 Medien umbrella brand.
Schroeder said: “The name change is the next logical step in our future and growth strategy. We tell emotional stories with our recognised sports journalistic know-how and our expertise within the media, production, digital, marketing and event sectors.
“Sport1 is firmly established as a sports media brand with a high level of awareness in the end consumer market, and carries pioneering spirit and innovative power in its DNA. We also want to express this strong brand core at Group level with the new name Sport1 Medien AG.”
Sport1 Medien reported a €10.5m ($11.7m) fall in first-half group revenues last year, partly due to the loss of broadcast rights to the Uefa Europa League club football competition. Earnings before interest, taxes, depreciation and amortisation (Ebitda) amounted to a €900,000 deficit in the first six months of 2019, a year-on-year improvement of €2.1m.
In 2019, the group launched eSports1, the first linear esports channel in German-speaking countries, while it has ramped up operations Match IQ, in which Sport1 Medien purchased a majority stake in 2018.