Telekom Serbia’s Arena Sport reported huge losses

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A company owned by the state-controlled Telekom Serbia suffered losses of more than 100 million Euro in 2022, the Media Daily portal said.

The Arena Channels Group DOO ended the year with losses of 12.5 billion Dinars or 107 million Euro according to final accounts reported to the Serbian Business Registers Agency (APR). The losses are twice those reported a year earlier – 4.77 billion Dinars or 40.45 million Euro.

The Arena Channels Group reported an income of 5.65 billion Dinars in 2021 and 7.12 billion in 2022. It also reported business expenses of 10.51 billion Dinars in 2021 and 19.4 billion in 2022.

The state-owned Telekom Serbia bought the rights to the English Premier League for 100 million Euro a season in 2021 for a period of six years which is almost 10 times what Sport Klub paid for those TV rights in earlier years.