Observed Signal · May 7, 2026 · M&A / Refinancing · Source: DWDL · Impact: 2/5 · Sentiment: Negative
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.
A notable media group is facing refinancing risk and may sell a major content asset (Constantin Film); relevant to media owners, content supply and potential investor activity but not industry‑shifting for the broader AdTech/MarTech ecosystem.
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Key Takeaways & Evidence Grounding
- Highlight Communications AG (HLC) and parent Highlight Event & Entertainment AG (HLEE) report 'substantial doubts' about ability to continue as a going concern.
- HLC pledged all 12.7 million Constantin Film shares as security, book value CHF 142 million (~€155 million).
- A bank consortium loan of CHF 74.5 million is due for repayment on 2026-11-30; refinancing is being pursued.
- Bernhard Burgener said the group hired Arctic Securities to seek institutional investors and that Solventis AG has taken a 5.45% stake in HLC.
- Management did not rule out selling Constantin Film or executing a management buyout; High-end Productions (Vienna) entered liquidation while partners plan to hold a German unit.
Connected Companies & Entities
2 Entities mappedRelated Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Highlight Communications Seeks Investors Amid Heavy Losses
Highlight Communications AG, the Swiss-listed parent of Constantin Film and Sport1 Medien, is continuing to search for outside capital after reporting weak financials for fiscal 2025. Group revenue rose 2% to CHF 412.1 million, but operating profit plunged from CHF -6.4 million to CHF -131.8 million due to write-downs in the sports segment; group equity fell from CHF 151.9 million to CHF -3.3 million. The majority owner Highlight Event & Entertainment AG (HLEE) reported a 2025 operating loss of CHF -248.2 million and negative equity of CHF -56.2 million. A previously proposed CHF 300 million capital injection by CSL Mindset Ltd. (linked to Belgian businessman Pierre Louvrier) collapsed. Highlight has engaged Arctic Securities to seek institutional refinancing, and the Mainz-based investor Solventis AG disclosed a 5.45% stake in HLC. Management warned of increased planning uncertainty for 2026 driven by inflation, energy costs, political crises, AI-generated content and stagnating budgets.
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.
Beta Film Eyes Constantin Film Acquisition
Beta Film, a major German production and distribution group, is considering acquiring Constantin Film, a fellow German production company. Beta Film's CEO Moritz von Kruedener confirmed his interest, citing complementary business areas and a shared heritage as former Kirch Group assets. This comes as Constantin Film prepares for a new investor via a potential capital increase involving its current majority owner, Highlight Communications. Beta Film also expanded its distribution and media capabilities in 2026, acquiring TV ad marketer Goldvertise and majority stake in media agency PIA Media, and is integrating these to become a holistic content house.
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