Owner of Irish TV channel TV3 loses ground in Europe
The media giant owner of Irish TV channel TV3 has reported a decline in second-quarter revenue as its Dutch unit lost customers, highlighting the difficulties faced by billionaire John Malone's Liberty Global in its hunt for growth.
The London-based cable company said it lost 87,000 subscriptions in the Netherlands in part because of "operational challenges associated with our network" and competition.
Across Europe Liberty Global is seeking growth from broadband customers and TV production as video loses ground to streaming and on-demand services.
Last month the group bought UTV Ireland rival TV3 in an €87m (£60.6m) deal, and raised its stake in ITV to almost 10%. It now owns cable and wireless providers from Hungary to the UK.
"Strong demand for our triple and quad-play bundles continues to support our results despite difficulties in the Netherlands, which continued to face competitive and integration challenges," chief executive officer Mike Fries said in a statement. Sales fell 0.8% to $4.57bn (£2.9bn) from a year earlier, matching estimates.
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