Highlight Communications

Highlight Communications: Sport1 Faces Deep Financial Crisis

Highlight Communications’ 2025 annual report warns of material uncertainties that cast doubt on the group’s ability to continue as a going concern. The company faces a CHF 74.5 million bank repayment and reports €57.5 million of overdue licence liabilities linked to Sport1 Medien GmbH, with those liabilities reportedly secured by shares in Sport1 Digital GmbH. Highlight has written down the goodwill of Sport1 Medien to zero (previously CHF 84.5m) and fully impaired other assets such as online-casino brand Jackpot50. The company sold production unit Plazamedia to DMC Production (now DMC Production Germany) for a symbolic €1, triggering an approximate CHF 7.25m deconsolidation loss. CEO Bernhard Burgener and Acunmedya (50% owner of linear Sport1) say they are engaging partners and banks, but future financing, rights renewals and digital audience declines leave the group’s sports & event segment in a precarious position.

Highlight Communications Q1 Revenue Falls 20%

Highlight Communications, the Swiss parent of Constantin Film and Sport1, reported a roughly 20% year‑on‑year revenue decline in Q1 2026, with group sales falling from 79.9 million CHF to 63.9 million CHF. The film segment (mainly Constantin Film) fell 16.2% to 43.6 million CHF, while sport & event (including Sport1) dropped 27.3% to 20.2 million CHF. EBIT improved to -6.1 million CHF (from -17 million CHF a year earlier) after cost cuts that reduced operating expenses by 28.5 million CHF to 83.6 million CHF. A planned capital increase earlier in the year failed and the company is seeking fresh financing ahead of a ~75 million CHF debt repayment due at the end of November; management said stronger revenues are expected only from Q3, tied to larger cinema releases. CEO-level executive Bernhard Burgener has not ruled out selling assets such as Constantin Film.

Burgener May Sell Constantin Film Amid Refinancing

Highlight Communications and its parent Highlight Event & Entertainment report serious refinancing uncertainties, and Bernhard Burgener — chair of the Highlight group and supervisory board chair of Constantin Film — says new investors and financing partners are being sought. The group faces a CHF 74.5 million loan from a bank consortium due on 2026-11-30. HLC has pledged all 12.7 million Constantin Film shares as collateral (book value CHF 142 million / ~€155 million). Burgener confirmed Arctic Securities was hired to find institutional investors and that Solventis AG recently acquired a 5.45% stake in HLC. Constantin Film remains the group’s main revenue driver, and Burgener did not rule out strategic options including a partial or full sale of Constantin or a management buyout. A Vienna-based joint venture (High-end Productions) is in liquidation; partners plan to continue via a German entity.