BUDGET PRESENTATION
Fiscal Year 2013
February 2012
FY12 Accomplishments
SPT achieved several critical milestones in FY12 and will outperform budget despite a challenging economic environment:
Networks
– Record revenue ($1.5BN) and EBIT ($244MM) with year-over-year growth of 28% (excluding GSN) and 24%, respectively
 MSM India a key driver with record EBIT estimated at $130MM
 Portfolio EBIT ahead of Budget by 8%, margin at 20% (excl GSN PPA)
– Expanded in Latin America with split out of Brazil channels and launch of Spin brand
– Launched the first full international version of Crackle with Brazil in January and Mexico coming shortly
– Acquired UK Ad sales operation and 5 UK channels to strengthen presence in key European market
– Secured and started to monetize new 3D content
– Launched Animax Japan on key BS platform
– Expanded the Korean content channel SET One’s success story with expansion to new countries
– Invested in, and helped shape, Networks first Global Production, The Firm, exploiting it across the world on AXN channels
– Crackle has attracted 227 million visits over the year, a 54% year on year increase, and more than seven million app downloads in only six months
making it one of Apple’s Top Five Entertainment Apps of 2011 and the #3 Entertainment App on Google’s Android Platform for Smart-phones and
Tablets
Distribution/Ad Sales
– Sold individual products in the SVOD market for record values
 Sold Breaking Bad to Netflix for $600K per episode
 Sold Rules of Engagement to Netflix for $800K per episode
 Sold Community to Hulu for $850K per episode
– Closed key Free and Pay TV deals in Canada, UK, France, Japan, S. Africa, Latin America, Holland and Russia valued at $1BN.
– Increased integration dollars almost three-fold for Dr. Oz from $2.1MM in 10/11 to $6.3MM in 11/12 by leveraging key partners; Weight Watcher’s
and Walgreen’s
– Crackle revenue has grown over 45% from FY11, PlayStation is on target to achieve fiscal budgets, and Doctoroz.com has surpassed projections
Production
– Produced television’s #1 new series this Fall, Unforgettable on CBS
– U.S. series have increased from 11 to 26 over the past six years with 18 of those being returning series
– SPT is the only studio to have a comedy on each of the four major broadcast networks, all in key time periods
– Produced critically acclaimed shows with multiple Emmy, Golden Globe wins and nominations as well as leading multiple critics top 10 lists of 2011
– Continued to monetize the slate with key syndication sales for Community and Rules of Engagement
– Closed deal with Queen Latifah to host syndicated talk show for the 13/14 broadcast season
– Reorganized International Production
– Closed Televisa first look deal
– Millionaire continues to be a major ratings driver for key channels around the world. Currently under license in 40 territories
p. 2
Gross Revenue Generated by SPT for all Product
($MM)
International
6,000
5,000
4,678
U.S.
5,646
4,919
2,290
4,000
5,344
1,648
2,085
3,030
2,834
FY12
Budget
FY12
Forecast
2,237
3,000
2,000
3,356
3,107
FY13
MRP
FY13
Budget
1,000
-
p. 3
SPT Financial Summary
($MM)
US Networks
US Distribution
US Ad Sales
US Production & Library
Total US
Budget
22
664
188
774
1,648
FY12
Forecast Variance
309
287
802
138
175
(13)
799
25
2,085
437
Gross Revenue
FY13
MRP
Budget Variance
373
371
(2)
788
743
(45)
218
192
(26)
911
931
20
2,290
2,237
(53)
FY12 vs FY13
Variance
62
(59)
17
132
152
Int'l Networks
Int'l Distribution
Int'l Production
Total international
1,284
1,343
403
3,030
1,163
1,477
194
2,834
(121)
134
(209)
(196)
1,371
1,541
444
3,356
1,301
1,602
204
3,107
(70)
61
(240)
(249)
138
125
10
273
Total
4,678
4,919
241
5,646
5,344
(302)
425
p. 4
SPT Financial Summary
TV Product Revenue from All Sources
($MM)
International
4,500
EBIT
($MM)
U.S.
International
600
4,022
3,823
4,000
3,500
3,212
425
3,000
2,500
487
500
3,401
Monetization
564
564
11
26
400
2,153
U.S.
332
336
232
217
FY13
MRP
FY13
Budget
2,251
1,486
2,007
300
222
262
2,000
1,500
1,000
200
1,726
500
1,869
1,394
1,572
-
100
203
199
FY12
Budget
FY12
Forecast
FY12
Budget
FY12
Forecast
FY13
MRP
FY13
Budget
p. 5
SPT Financial Summary
Revenue
($MM)
US Networks
US Distribution
US Ad Sales
US Production & Library
Total US
Budget
34
50
3
1,399
1,486
FY12
Forecast Variance
320
286
48
(2)
8
5
1,631
232
2,007
521
MRP
391
52
6
1,704
2,153
FY13
Budget Variance
389
(2)
48
(4)
4
(2)
1,810
106
2,251
98
FY12 vs FY13
Variance
69
(4)
179
244
Int'l Networks
Int'l Distribution
Int'l Production & Format Sales
Total international
1,284
10
432
1,726
1,163
15
216
1,394
(121)
5
(216)
(332)
1,371
5
493
1,869
1,301
5
266
1,572
(70)
(227)
(297)
138
(10)
50
178
Total
3,212
3,401
189
4,022
3,823
(199)
422
FY13
MRP
Budget Variance
70
54
(16)
39
34
(5)
(9)
(11)
(2)
232
259
27
332
336
4
FY12 vs FY13
Variance
39
(2)
(4)
41
74
EBIT
US Networks
US Distribution
US Ad Sales
US Production & Library
Total US
FY12
Budget Forecast Variance
15
15
37
36
(1)
(13)
(7)
6
183
218
35
222
262
40
Int'l Networks
Int'l Distribution
Int'l Production & Format Sales
Total international
211
(39)
31
203
229
(33)
3
199
18
6
(28)
(4)
237
(46)
41
232
253
(45)
9
217
16
1
(32)
(15)
24
(12)
6
18
Total
425
461
36
564
553
(11)
92
-
26
26
-
11
11
(15)
425
487
62
564
564
-
77
(9)
(8)
1
(6)
(8)
(2)
-
Shine Monetization
Total Including Monetization
3NET
p. 6
EBIT – Cause of Change vs. FY12 Budget and FY13 MRP
($MM)
FY12 Budget / FY13 MRP
FY12
$
Networks
FX favorable/(unfavorable)
EMEA/Latin America - mainly driven by lower than expected ad sales in FY12; FY13 in Europe impacted by new business
MSM India - business as usual ad/sub revenue growth more than offsetting the loss of half season of IPL in FY12; FY13 also helped by extra IPL matches vs. MRP
GSN - FY13 mainly due to lower tv revenue, partially offset by higher digital games revenue
U.S. (excl. GSN) - mainly due to lower ad revenue and higher bandwith costs for Crackle, delay in carriage for SMC
FY12/FY13 Intl & U.S. New investment - lower level of new investment than previously anticipated
Challenge - attained in FY12; assumed in MRP (excl. MSM India specific)
Distribution
Starz digital bonus no longer assumed
US Distribution acquired product assumptions
International Distribution acquired product revenue and nonrecurring deal termination fee (FY12)
FY13
425
$
564
(1)
(12)
40
(1)
(5)
18
(20)
(44)
(8)
47
(13)
(3)
5
18
(2)
(2)
(2)
1
7
U.S. Production
Community SVOD sale in FY12 vs FY14
Breaking Bad early SVOD sale in FY12
Library - home entertainment and co-distributor share higher than FY12 Budget & FY13 MRP
Til Death ratings performance lower than expected
Boondocks now assuming add'l 5th season with deliveries shifting to FY13 & FY14
22
14
22
(12)
(4)
-
International Production
Lower volume of commissions/delivery of episodes: Europe/Middle East/Latin America
Exited underperforming mobile business
Delayed consolidation of Teleset
Delayed launch of global hit format
Increase central development fund
Higher licensing of library product primarily Russia
Severance expense
(21)
(5)
(3)
4
(3)
(19)
(2)
(2)
(3)
(3)
(1)
SPT Group Challenge
-
16
(2)
10
Shine Monetization
26
11
SPT Other
(2)
(4)
Total Variance
62
FY12 Forecast / FY13 Budget
$
487
$
564
p. 7
EBIT – FY12 vs. FY13
($ MM)
FY12 Forecast
$461
Rules of Engagement begins syndication availability in FY13
15
Til' Death assumed to be breakeven in FY13
12
Int'l Distribution nonrecurring deal termination fee, and lower acquired volume assumptions
(6)
Networks - FX favorable/(unfavorable)
(16)
Networks - EMEA & Latin America - mainly driven by expected rebound in ad sales market
26
Networks - MSM India stonger business as usual ad/sub revenue due to higher average ratings across the year; plus $10M India HO challenge
21
Networks - GSN - mainly due to lower earn out (+$12M), lower PPA (+13M) as well as digital business revenue growth
38
Networks FY13 New Investments - additional investments ($7M invested on new investments in FY12)
Networks - Challenge (excl. MSM India specific challenge noted above)
International Production - increase volume of comissions
(25)
18
9
Increase central development fund
(4)
Lower licensing revenue
(4)
SPT Group Challenge
10
SPT Other
(2)
Total Variance
92
FY13 Budget
$553
p. 8
Net Overhead
Net Overhead
($MM)
600
484
500
400
458
428
356
300
200
100
FY12
Budget
FY12
Forecast
FY13
MRP
FY13
Budget
p. 9
Net Overhead Summary
Budget
(195)
(8)
(56)
(35)
(50)
(12)
FY12
Forecast
(275)
(55)
(43)
(55)
-
(356)
(428)
($MM)
Networks
Networks - FY13 Assumed Investments
Distribution
U.S. Production & Ad Sales
Int'l Production & Format Sales
Production - FY13 Assumed Investments
Total
•
Net Overhead
FY13
Variance
MRP
Budget Variance
(80)
(311)
(299)
12
8
(12)
(10)
2
1
(62)
(63)
(1)
(8)
(37)
(38)
(1)
(5)
(54)
(48)
6
12
(8)
8
(72)
(484)
(458)
FY12 vs FY13
Variance
(24)
(10)
(8)
5
7
-
26
(30)
Favorable FX impact in FY13 budget vs. MRP of $16MM ($1MM, $2MM and $13MM for Int’l Distribution,
Int’l Production and Int’l Networks, respectively)
NOTE: Excludes GSN and 2waytraffic purchase price amortization.
p. 10
SPT Networks – FY13 Outlook
FY13 will be the 6th consecutive year of record breaking Revenue and EBIT ($307MM)
•
•
Major new financial milestones will be achieved by SPT Networks in FY13
–
Revenues will approach $1.7BN, crossing the $1.5BN threshold for the first time
–
EBIT will exceed $300MM after breaking $200MM for the first time in FY12
–
This represents year-on-year growth of 14% and 26% respectively
This substantial earnings growth will be achieved while also continuing to invest in the business to help
sustain the strong growth profile into the future
–
•
•
In addition to the six new operations that were/will be launched/acquired in FY12, funds have been included in the FY13
Budget to invest in several new operations
Specific growth opportunities factored into the Budget include
–
Bringing distribution sales in house in key markets (Central Europe and Russia) to better monetize the opportunity and
control our destiny
–
Expansion of further Sony branded channels in Turkey, Russia, Germany, and Thailand
–
Launch of an MSM branded Sports channel and investments in Regional Channels in India
–
Expansion of the exploitation of the Animax brand in the digital space
In addition to seeking out new opportunities, focus must be maintained on the significant challenges that
face the core business globally
–
Ad sales continues to need overhead investment to achieve the 20%+ year on year growth anticipated by many of the
channels across the portfolio
–
Content costs continue to climb quickly with new costs out-stripping revenue increases in certain markets, increasing
margin pressure
–
Increasing investment in original content is an important hedge against increasing content acquisition costs and
producing more locally is becoming a regulatory requirement in certain parts of the world
–
Increasing localization of the channels is key to maintaining a strong relationship with the viewers as markets continue to
fragment
p. 11
Networks – Financial Summary
Revenue
($MM)
International
2,000
EBIT
U.S.
Challenge
1,762
1,800
($MM)
International
350
U.S.
Challenge
307
1,690
300
1,483
1,600
1,400
1,318
1,200
28 34
391
389
28
244
250
226
200
20
15
320
307
70
54
15
1,000
150
800
1,256
600
1,371
1,163
1,301
100
229
237
225
FY12
Forecast
FY13
MRP
FY13
Budget
191
400
50
200
-
FY12
Budget
•
•
FY12
Forecast
FY13
MRP
FY13
Budget
FY12
Budget
As expected, FY12 will deliver over $200MM in EBIT with the final estimate of $244MM, 8% above Budget. Revenue has passed $1BN for
the first time. EBIT has grown by 24% versus FY11 with India and Europe leading the way
FY13 Budget is on the MRP target in spite of unfavorable FX movements eliminating $44MM of the MRP EBIT projection
— Strong growth in India has compensated for some of the FX shortfall
— A significant Home Office challenge of $28MM has also been added to the FY13 Budget in the belief that other opportunities will be
found for new growth or cost savings (especially in India) and/or some of the new investment funds will not be incurred
p. 12
Networks – Financial Summary
($MM)
International
EMEA
Latin America
Asia (excl. MSM)
India
FY12 New Launches/Committed & FY13 New Opps
Total International
U.S.
GSN
Crackle U.S. & Clips
Sony Movie Channel
Games
FY12 New Launches/Committed & FY13 New Opps
Total U.S.
Home Office/Other
Challenge
Total
FY12
Budget Forecast Variance
Revenue
FY13
MRP
Budget Variance
FY12 vs FY13
Variance
214
196
212
621
195
181
204
579
(19)
(15)
(8)
(42)
255
242
242
619
227
216
241
603
(28)
(26)
(1)
(16)
32
35
37
24
12
3
(9)
13
14
1
11
1,255
1,162
(93)
1,371
1,301
(70)
139
20
9
-
296
17
6
-
296
(3)
(3)
-
334
32
14
5
339
30
11
5
5
(2)
(3)
-
43
13
5
5
5
1
(4)
6
4
(2)
34
320
286
391
389
(2)
3
69
-
1
1
-
-
-
(1)
28
-
(28)
-
-
-
-
1,318
1,483
165
1,762
1,690
(72)
208
FY13
Budget Variance
FY12 vs FY13
Variance
EBIT
FY12
Budget Forecast Variance
International
EMEA
Latin America
Asia (excl. MSM)
India
FY12 New Launches/Committed & FY13 New Opps
Total International
U.S.
Crackle/Sony Movie Channel/CineSony/FEARnet
GSN
FY12 New Launches/Committed & FY13 New Opps
Total U.S.
Home Office (incl. IPL Hedge in FY12)
General Challenge
MSM India Challenge
Overhead Challenge
MRP
30
71
43
91
25
66
45
130
(5)
(5)
2
39
50
87
48
110
33
69
49
130
(17)
(18)
1
20
8
3
4
-
(18)
(6)
12
(30)
(25)
5
217
260
43
265
256
(9)
(19)
(4)
(8)
29
(12)
28
(4)
(1)
(8)
78
(11)
66
(3)
(12)
1
38
(6)
(1)
5
-
(1)
(1)
-
15
15
-
70
54
(16)
39
(26)
(31)
(5)
(28)
(31)
(3)
-
20
-
-
(20)
-
-
13
10
5
13
10
5
13
10
5
Total
226
244
18
307
307
-
63
3NET
(9)
(8)
1
(6)
(8)
(2)
-
p. 13
U.S. Distribution – FY13 Outlook
•
Take advantage of changing distribution media to grow the value of product in FY13
•
Exploit the best digital, physical media, cable, broadcast and/or syndication opportunity for each title
– E.g., broadcast comedies, cable dramas and first run syndication lend themselves to different models;
broad comedies often perform well in syndication and serialized dramas perform best on SVOD
platforms
•
Maximize value of new feature releases, and optimize feature value in a fragmented market by taking out
one substantial feature package, one targeted feature package and one Sony Pictures Classics package
•
Capitalize on demand for new/library film and television product across premium subscription services
(Netflix, Hulu, Amazon)
•
Maximize value of Rules of Engagement and Community, and sell Queen Latifah and Justified
•
Strategically window across platforms, including Sony-owned channels and digital platforms, to sell deeper
into the feature and TV catalog
p. 14
U.S. Distribution – Financial Summary
Revenue
Profit Contribution
($MM)
EBIT
($MM)
900
($MM)
450
802
800
788
743
400
664
409
347
39
40
37
412
372
36
34
35
700
350
600
300
500
250
400
200
300
150
200
100
100
50
5
-
-
-
30
25
20
FY12 FY12
Budget Forecast
FY13 FY13
MRP Budget
Pay
$1.32B $1.42B
DBO*
$1.34B $1.12B
•
15
10
FY12 FY12
Budget Forecast
FY13 FY13
MRP Budget
FY12 FY12
Budget Forecast
FY13
MRP
FY13
Budget
FY12 and FY13 include Starz bonus of $47.5MM (remains in U.S. Distribution EBIT)
* Cumulative domestic box office (DBO) for Pay Window feature avails adjusted for rate-card caps under the Starz deal.
p. 15
U.S. Distribution – Financial Summary
($MM)
2010 to 2012 Major Releases (Pay)
2009 to 2011 Major Releases (Free)
Other Current
Library
Total MPG
Total WW Acquisitions
Starz Bonus
First Run and off-net Syndication
Library
Total TV
Total
($MM)
MPG
WW Acquisitions
TV
Total
G&A
Profit Contribution
Transfer to Product Owners
EBIT
Budget
223
97
47
50
417
FY12
Forecast Variance
234
11
104
7
62
15
50
450
33
Gross Revenue
FY13
MRP
Budget Variance
211
173
(38)
127
136
9
73
65
(8)
54
54
465
428
(37)
FY12 vs FY13
Variance
(61)
32
3
4
(22)
43
68
25
62
34
(28)
(34)
50
113
41
204
664
48
194
42
284
802
(2)
81
1
80
138
50
169
42
261
788
48
191
42
281
743
(2)
22
20
(45)
(3)
(3)
(59)
Profit Contribution
FY13
Variance
MRP
Budget Variance
20
281
259
(22)
11
28
14
(14)
30
116
113
(3)
61
425
386
(39)
1
(13)
(14)
(1)
62
412
372
(40)
FY12 vs FY13
Variance
(15)
(15)
(5)
(35)
(2)
(37)
FY12
Budget Forecast
254
274
18
29
88
118
360
421
(13)
(12)
347
409
(310)
(373)
(63)
(373)
(338)
35
35
37
36
(1)
39
34
(5)
(2)
p. 16
U.S. Distribution – Library Gross Revenue
($MM)
TV
MPG
96
96
50
54
54
41
42
42
42
FY12
Budget
FY12
Forecast
FY13
MRP
FY13
Budget
100
91
92
50
90
80
70
60
50
40
30
20
10
-
p. 17
U.S. Ad Sales – FY13 Outlook
•
Advertising Market
–
–
–
•
SPTAS growth strategy
–
–
–
–
•
Slow economic recovery may impact upfront advertising budgets – current softness in scatter market
reflects this
Presidential elections will eat up inventory in the 4th quarter – increased demand offers opportunity for TV
and potentially digital ads on Crackle
Consolidation of brokers in the :10 ad business continues – diminishing role has mixed impact, more
control over inventory with larger national clients but less 3rd party buyers to help SPTAS sell inventory to
smaller advertisers
Utilize new research tools to drive sales (i.e., primary studies with Nielsen IAG, client- specific research, and
Nielsen Online Campaign ratings)
Build on our success at CES through an SPT digital upfront/road show that will drive awareness of Sony’s
connected advertising opportunities throughout the industry
SMC will be ad supported beginning October 2012; Rules of Engagement launches in syndication for 12/13
broadcast season
13/14 broadcast season will include Queen Latifah syndicated talk show and Community will launch in offnet syndication
Challenges
–
–
–
Digital: Lack of industry standardization challenging, favors those who offer scale
Cable: Slow growth rates on 3net distribution, and 3D’s slow adoption for advertisers
Agencies still slow in ability to execute cross-platform buys
p. 18
U.S. Ad Sales – Financial Summary
Revenue
Profit Contribution
($MM)
($MM)
218
225
200
175
EBIT
40
192
188
($MM)
-
37
35
31
175
30
25
150
(2)
(4)
25
25
(6)
125
20
100
(7)
(8)
15
75
50
25
5
(12)
-
-
(14)
FY12 FY12
Budget Forecast
FY13 FY13
MRP Budget
(9)
(10)
10
FY12 FY12
Budget Forecast
FY13
MRP
FY13
Budget
(11)
(13)
FY12
FY12
Budget Forecast
FY13
FY13
MRP Budget
p. 19
U.S. Ad Sales – Financial Summary
`
Budget
FY12
Forecast Variance
Gross Revenue
KING OF QUEENS
TIL DEATH
RULES OF ENGAGEMENT
SEINFELD
DR OZ
NATE BERKUS
WHEEL OF FORTUNE, JEOPARDY!
RIGHT THIS MINUTE
All Other
Subtotal
23
5
18
3
(5)
(2)
43
50
22
14
4
161
43
46
14
12
6
142
Third Party Distribution
Crackle
Total Gross Revenue
15
12
188
21
12
175
($MM)
Product Profit
Ad Sales Overhead
Profit Contribution
MRP
FY13
Budget Variance
FY12 vs FY13
Variance
(4)
(8)
(2)
2
(19)
18
6
17
40
60
10
13
13
1
178
17
5
13
37
60
7
13
1
153
(1)
(1)
(4)
(3)
(3)
(13)
(25)
(1)
2
13
(6)
14
(7)
1
(5)
11
6
(13)
22
18
218
21
18
192
(1)
(26)
6
17
FY13
MRP
Budget Variance
52
46
(6)
(15)
(15)
-
FY12 vs FY13
Variance
6
-
FY12
Budget Forecast Variance
41
40
(1)
(16)
(15)
1
25
25
-
37
31
(6)
6
Transfer to Product Owner
(38)
(32)
6
(46)
(42)
4
(10)
SPTAS EBIT
(13)
(7)
6
(9)
(11)
(2)
(4)
p. 20
International Distribution – FY13 Outlook
Will outperform historical high revenue in FY12, reaching a new record in FY13
Key Deal Road Map
Estimated Completion Estimated Term
Q3 FY13
3-5 Years
Q3 FY13
3-4 Years
Q1 FY13
3 Years
Q4 FY13
3 Years
Q1 FY13
3 Years
Q1 FY13
3 Years
Q3 FY13
5 Years
Q2 FY13
5 Years
Q1 FY13
5 Years
•
Revenue of $1.6BN in FY13, $90MM ahead of MRP
before FX impact of $30MM
– $700MM profit contribution to SPE in FY13
– $1BN of revenue to MPG/WWAG in FY12 and
FY13
•
Upcoming deals in key strategic territories will
provide considerable challenges as well as potential
opportunities
•
Remain responsive to Markets/Customers
– Capitalized on new SVOD players in key markets, closing deals with Netflix (UK, LatAm, Canada),
Lovefilm/Amazon (UK), and Shaw Media (Canada) in FY12
– Expanded presence in Canada and Middle East by opening local sales offices
– To support continued growth, need to add resources in key markets around the world
•
Continued collaboration with other SPT/SPE, PlayStation and Sony Electronics divisions to exploit opportunities
– Accommodate carve-outs (SEN) as needed
– Working with SPRI to cross-promote and support franchise releases in calendar 2012
– House Sony Electronics at MIPCOM
•
Continue to exploit content acquisition opportunities by developing new partnerships to secure premium
content (e.g., House of Cards)
•
Fully integrate format sales business into our global processes and support functions
Country/Deal
France Pay TV Renewal
Germany FTV Output
Italy Pay/FTV Option*
Spain Pay
Canada Daytime renewals*
Australia FTV Output*
Pan Asia HBO Pay Extension*
Pan Latam HBO Pay Extension*
Brazil FTV Output Extension
Total
* Will impact FY13
Value ($MMs)
130-150
200-300
220-240
90-100
80-90
75-125
~100
350-500
140-160
$1.4BN - $1.8BN
p. 21
International Distribution – Financial Summary
Contribute $1.6BN in revenue and $701MM in profit in FY13
Revenue
($MM)
Profit Contribution
($MM)
Transfer-in Sales Dept. *
1,800
1,600
1,400
($MM)
Transfer-in Sales Dept. *
800
1,520
43
1,381
38
1,541
1,343
700
600
Transfer-in Sales Dept. *
-
1,602
644
20
709
20
692
701
(5)
(10)
(15)
1,200
1,000
EBIT
500
1,477
400
(20)
624
689
(30)
300
(35)
(5)
200
400
(40)
200
100
-
FY12 FY12
Budget Forecast
FY13 FY13
MRP Budget
(33)
(25)
800
600
(39)
(5)
(38)
(45)
(50)
FY12 FY12
Budget Forecast
FY13 FY13
MRP Budget
(44)
FY12 FY12
Budget Forecast
* FY12 EBIT restated to be consistent with FY13, reflecting a transfer of $5MM sales dept. overhead from Int’l Production group.
(46)
(45)
FY13 FY13
MRP Budget
p. 22
International Distribution – Financial Summary
($MM)
MPG Current
MPG Flow
MPG Library
Total MPG
WW Acquisitions
TV Current
TV Library
TV Int'l Production
TV Int'l Acquired/Other
Total TV
Total
MPG
WW Acquisitions
TV
Total
G&A
Profit Contribution
Transfer to Product Owners
Budget
502
173
175
850
FY12
Forecast Variance
500
(2)
188
15
180
5
868
18
Gross Revenue
FY13
MRP
Budget Variance
555
580
25
166
180
14
180
180
901
940
39
FY12 vs FY13
Variance
80
(8)
72
150
190
40
165
135
(30)
(55)
227
68
35
13
343
1,343
300
65
30
24
419
1,477
73
(3)
(5)
11
76
134
336
75
55
9
475
1,541
386
70
62
9
527
1,602
50
(5)
7
52
61
86
5
32
(15)
108
125
Profit Contribution
FY13
Variance
MRP
Budget Variance
15
573
599
26
19
74
58
(16)
32
94
94
66
741
751
10
(1)
(49)
(50)
(1)
65
692
701
9
FY12 vs FY13
Variance
44
(29)
3
18
(6)
12
FY12
Budget Forecast
540
555
68
87
59
91
667
733
(43)
(44)
624
689
(663)
(722)
(59)
(738)
(746)
(8)
(24)
EBIT
(39)
(33)
6
(46)
(45)
1
(12)
Restated EBIT
(44)
(38)
6
(46)
(45)
1
(7)
p. 23
International Distribution – Library Gross Revenue
($MM)
TV
300
250
MPG
255
250
180
180
243
245
175
180
68
65
75
70
FY12
Budget
FY12
Forecast
FY13
MRP
FY13
Budget
200
150
100
50
-
p. 24
Key Feature and TV Drivers – FY13
Int’l Distribution
U.S. Distribution
Feature Films/WW Acquisitions
($ in 000)
Title
FY13 Rev
KARATE KID
20,300
GROWN UPS
18,700
GIRL WITH THE DRAGON TATTOO
16,800
THE AMAZING SPIDER-MAN
14,700
MEN IN BLACK 3
14,700
TOTAL RECALL
14,700
THE OTHER GUYS
13,700
SALT
13,600
MONEYBALL
13,300
I HATE YOU DAD
12,900
JACK AND JILL
12,700
21 JUMP STREET
12,000
GHOST RIDER 2 [3D]
12,000
GREEN HORNET
11,700
THE SOCIAL NETWORK
11,100
BATTLE LA
10,300
THE VOW
10,200
PIRATES
9,700
UNDERWORLD 4 [3D]
9,600
All others individually < $9M
120,900
Feature Library
54,000
Subtotal Features
427,600
WW Acquisitions (all individually <$9M)
Total
Television
Title
Rules of Engagement
Dr Oz
Community
Y&R/Days of Our Lives - SOAPnet
All others individually < $9M
Starz Bonus
TV Library
Total
FY13 Rev
69,600
58,400
18,700
11,500
33,300
47,500
42,000
34,400
462,000
281,000
743,000
Feature Films/WW Acquisitions
($ in 000)
Title
FY13 Rev
MEN IN BLACK 3
24,400
SMURFS
23,500
GROWN UPS
19,600
THE AMAZING SPIDER-MAN
19,300
JACK AND JILL
18,200
PIRATES
17,700
2012
17,700
ADVENTURES OF TINTIN, THE
17,300
KARATE KID
16,200
GIRL WITH THE DRAGON TATTOO
15,800
ARTHUR CHRISTMAS
13,500
MONEYBALL
12,400
RESIDENT EVIL: AFTERLIFE
12,100
FRIENDS WITH BENEFITS
11,900
PREMIUM RUSH
11,400
BAD TEACHER
11,300
EAT PRAY LOVE
10,800
SALT
10,300
UNDERWORLD 4 [3D]
10,000
ANONYMOUS
9,700
BOUNTY HUNTER
9,700
All others individually < $9M
447,200
Feature Library
180,000
Subtotal Features
940,000
House of Cards
WW Acquisitions (all individually <$9M)
Subtotal WW Acquisitions
Total
Television
Title
Unforgettable
Y&R/Days of Our Lives
12/13 Net Drama (multi season)
Who Wants to be a Millionaire
Dr. Oz
Necessary Roughness
Justified
Drop Dead Diva
Damages
Pan Am
12/13 Net Drama (single season)
Franklin and Bash
Breaking Bad
La Prepago (Latam)
12/13 Cable Drama B
Happy Together (Russia)
12/13 Cable Drama A
All others individually < $9M
TV Library
Total
FY13 Rev
54,900
50,300
22,000
19,400
14,900
14,800
12,300
11,700
11,700
11,300
11,300
10,300
10,100
9,700
9,400
9,200
9,100
164,600
70,000
9,000
126,000
135,000
1,075,000
527,000
1,602,000
p. 25
Distribution Sales – FY13 Slate
The FY13 slate will generate over $940MM in global TV sales
(000)
Title
MEN IN BLACK 3
I HATE YOU DAD
THE AMAZING SPIDER-MAN
LANCE ARMSTRONG
TOTAL RECALL
PREMIUM RUSH
HERE COMES THE BOOM
GREAT HOPE SPRINGS
KATHRYN BIGELOW PROJECT
DJANGO UNCHAINED
ELYSIUM
CAPTAIN PHILLIPS
Total
(000)
Title
RESIDENT EVIL 5 [3D]
PLANET B-BOY [3D]
THINK LIKE A MAN
Total
Based on film slate as of 1/27
US
Pay
Free
15,440
25,860
14,040
13,610
15,440
25,920
390
190
15,440
19,440
10,090
6,530
12,950
12,100
11,890
NR
9,740
2,920
NR
NR
10,040
16,200
13,570
8,950
129,030 131,720
Intl
83,500
34,930
100,000
5,000
61,000
24,500
27,900
NR
NR
43,650
53,700
42,000
476,180
US
Pay
10,960
8,320
8,130
27,410
Free
4,480
2,690
3,240
10,410
Intl
28,000
21,500
9,810
59,310
(000)
Title
DARLING COMPANION
TBD#2-2013
WHERE DO WE GO NOW?
HYSTERIA
TBD#5-2013
TBD#6-2013
TBD#7-2013
TBD#8-2013
TBD#9-2013
TBD#10-2013
TBD#11-2013
CHICKEN WITH PLUMS
TBD#13-2013
NEIL YOUNG JOURNEYS
TBD#15-2013
TBD#16-2013
TBD#17-2013
TBD#18-2013
TBD#19-2013
Total
(000)
Title
HOTEL TRANSYLVANIA
PIRATES
Total
US
Pay
600
100
230
880
304
600
NR
100
600
2,120
380
150
1,900
170
1,000
800
380
190
380
10,884
Free
380
100
50
300
100
380
450
100
190
300
150
50
200
100
230
230
130
100
150
3,690
Intl
3,550
NR
NR
250
600
3,550
600
NR
600
NR
70
300
2,100
1,200
NR
400
NR
NR
70
13,290
Free
6,490
4,550
11,040
Intl
39,410
31,250
70,660
US
Pay
15,440
10,220
25,660
p. 26
International Production – FY13 Outlook
•
Generate significantly more content to create strong global formats that are exportable around the world
– Intensify IP development in top format origination territories of U.K., U.S. and Netherlands
– Aggressively acquire high potential IP from third party creators
– Pursue strategic partnerships to create and gain access to new IP
– Tap into synergistic opportunities with Sony owned content
•
Drive growth in existing operations despite tough macroeconomic environment
– Euro zone economic downturn hindering growth in France, Germany and Italy
– Political unrest in Middle East contracted budgets of broadcasters and recovery expected to be
prolonged
– Latin America and Russia management changes/restructure require time to stabilize and grow
business
•
Grow SPT production company global footprint
– Build a significant presence in the U.K. to bolster content creation and expand into scripted business
– Establish local operations in important markets for IP origination and exploitation (e.g., Scandinavia,
Australia)
– Expand in high potential emerging territories (e.g., China, Korea, India)
•
Create long-term retention plan for key talent
•
Streamlined 2waytraffic companies – exited ALP and Mobile businesses
p. 27
International Production – Financial Summary
Revenue
EBIT
($MM)
($MM)
600
Transfer out Sales Dept. *
45
40
493
500
432
36
35
400
Shine Sale
41
34
5
30
25
300
266
216
200
31
15
11
10
8
100
5
5
FY12
Forecast
FY13
MRP
FY13
Budget
9
3
-
FY12
Budget
20
26
20
FY12
Budget
FY12
Forecast
FY13
MRP
FY13
Budget
•
Lower than expected volume of commissions, primarily in Italy (slower growth), Middle East (political unrest) and Latin America
and Russia (management restructuring)
•
Projected equity step-up and financial consolidation for Teleset postponed
•
Exited underperforming mobile business
•
Rebuilding global operations and project growing to revenue of $378MM and EBIT of $29MM by FY15
* FY12 EBIT restated to be consistent with FY13, reflecting a transfer of $5MM sales dept. overhead to Int’l Distribution group.
p. 28
U.S. Production – FY13 Outlook
•
Continue to build the syndication pipeline by creating long lasting shows
•
Cable programming continues to be consistently profitable with some of the most critically acclaimed and
respected series in the industry
•
Build on a successful year in non-scripted, having had 3 series airing on primetime
•
Build on our syndication success with new Queen Latifah daytime series for 13/14 broadcast season
•
Build on the momentum in the broadcast network drama business and continue to strengthen our foothold in
the international distribution business
•
Increase investment to obtain top-tier creative talent across all genres
•
Maintain and support a strong comedy strategy as part of our overall portfolio business as comedy is currently
experiencing significant growth and increased network demand
•
Explore a more significant role for international co-productions to help obtain greater control of domestic slate
p. 29
U.S. Production – FY12 Q4 New Series Investment & Development
New Series Investment Pool - FY12 Budget
($90)
Timing with FY11
Changes in Network economics (Happy Endings vs. Mr. Sunshine, Pan Am, Charlie's Angels, Community)
Changes in Cable econcomics (Hawthorne, Necessary Roughness)
Increased Volume - 2 cable pilots, 1 cable series, Breaking In season 2
Other
Net Variances
Q4 Forecast
2
6
1
(15)
1
(5)
($95)
FY12 Budget
Network:
Community
Happy Endings
Mr. Sunshine
Mad Love
Breaking In
Pan Am (TBD Comedy at Budget)
Charlie's Angels
11/12 Network Pilots
12/13 Network Pilots
Subtotal Network
Cable:
Client List
Hawthorne
Necessary Roughness
Cable Pilots
Subtotal Cable
Development
Total
Economic
(4)
(12)
(5)
(12)
(14)
(47)
-
4
(6)
10
(1)
(1)
2
(4)
2
(4)
2
-
2
(2)
4
4
-
(1)
(1)
(7)
2
$6
7
-
(5)
(4)
-
(1)
-
-
4
-
($13)
-
Q4 Forecast
4
(7)
9
(1)
(9)
2
(4)
11
(4)
1
(3)
(2)
(4)
3
(3)
(2)
(6)
$2
($5)
1
(1)
(3)
(8)
12/13 Broadcast Pilot Slate
FY12 Budget
FY12 Q4
4 FY12
4 FY12
5 FY13
5 FY13
9 Total
9 Total
Total
-
-
-
(3)
(1)
(9)
(13)
(30)
($90)
FY12 Variance
Volume
Timing
11/12 Broadcast Pilot Slate
FY12 Budget
FY12 Q4
6 FY11
8 FY11
4 FY12
2 FY12
10 Total
10 Total
(7)
(3)
(1)
(9)
(3)
(4)
(1)
(18)
(46)
(4)
(4)
(11)
(19)
(30)
($95)
p. 30
U.S. Production – FY13 Budget New Series Investment & Development
FY13 MRP
($76)
Increased Volume - 2 cable series and additional episodes of Necessary Roughness
Pilots - primarily mix change
Change in economics - Necessary Roughness and Happy Endings
Other
Net Variances
FY13 Budget
(3)
(2)
(4)
(1)
(10)
($86)
MRP
Network:
Happy Endings
Breaking In
TBD Comedy
12/13 Pilots
13/14 Pilots
Subtotal Network
Cable:
Franklin and Bash
Necessary Roughness
Men At Work
TBD Cable Drama
Cable Drama Pilots
Subtotal Cable
Development
Total
Economic
(8)
(2)
(3)
(13)
(10)
(36)
(1)
(1)
(6)
(8)
(32)
($76)
(1)
(1)
(2)
-
Variance
Volume
Timing
-
-
13/14 Broadcast Pilot Slate
MRP
FY13 Budget
3 FY13
3 FY13
6 FY14
6 FY14
9 Total
9 Total
(1)
(1)
(1)
(1)
(4)
(1)
(1)
(2)
(2)
(2)
(1)
-
(1)
(5)
($3)
($5)
FY13
Budget
Total
-
(1)
12/13 Broadcast Pilot Slate
MRP
FY13 Budget
4 FY12
4 FY12
5 FY13
5 FY13
9 Total
9 Total
($2)
-
(9)
(2)
(4)
(14)
(11)
(40)
(6)
(1)
(4)
(2)
(1)
(6)
(14)
($10)
(32)
($86)
(3)
(2)
(1)
-
p. 31
U.S. Production Assumptions
NETWORK
Community
Rules Of Engagement
Happy Endings
Breaking In
Unforgettable
Pan Am
Charlie's Angels
12/13 Pilots
12/13 New Comedy
12/13 New Drama
11/12
Season
3rd
6th
2nd
2nd
1st
1st
1st
SYNDICATED SERIES
Big C
Boondocks
Breaking Bad
Damages
CABLE
Drop Dead Diva
Franklin and Bash
HawthoRNe
Justified
Necessary Roughness
Client List
Men at Work
Pilots
New Drama Series
Shark Tank
Sing Off
NON-SCRIPTED
Pilots
New Cable Series
New Network Series
Movie
MADE-FOR-TV MOVIES Mini-Series
Changes
since MRP
2nd
Not Returning
9
1
2
13/14 Pilots
The Young and the Restless
Days of Our Lives
Dr. Oz
Nate Berkus
Wheel of Fortune
Jeopardy!
12/13
Season
4th
7th
3rd
9
40th
47th
3rd
2nd
29th
28th
41st
48th
4th
FY12
2nd
4th
5th
4th & 5th
3rd
2nd
3rd
3rd
1st
1st
FY13
3rd
5th
6th
5
3rd
3rd
3
12
1
30th
29th
5th season assumed
4th
3rd
4th
2nd
1st
3
2
4th
4th
3
2
1
9
1
Add'l Drama Series
Add'l Comedy Series
Add'l 2 pilots in FY12
1 Add'l Drama Series
p. 32
Projected Value of Shows in Syndication
Current
Examples
Projected
Examples
SHOWS IN SYNDICATION / EXPECTED TO
SYNDICATE
ANTICIPATED
VALUE TO SPE1
Rules of Engagement
$32MM
Rescue Me
$50MM
Breaking Bad
$58MM
Community
$47MM
Happy Endings
$37MM
Unforgettable
$73MM
Attractive returns with upside potential for shows that prove to be a ‘hit’
Note: 1. Value on an ultimate basis; as of January 2012 for Current and most current estimates for Projected
p. 33
U.S. Production – Current Series, Pilots & Development Cost
Revenue
($MM)
EBIT
($MM)
1,800
180
1,600
1,434
1,540
1,614
163
165
FY13
MRP
FY13
Budget
160
137
1,400
140
1,210
1,200
120
1,000
100
800
80
600
60
400
40
200
20
-
91
FY12
Budget
FY12
Forecast
FY13
MRP
FY13
Budget
FY12
Budget
FY12
Forecast
p. 34
U.S. Production – Current Series, Pilots & Development Cost
Revenue
($MM)
Broadcast Network: Scripted Pilots and Series
Cable Network: Scripted Pilots and Series
First-Run Syndication
Non-Scripted
Total Before Embassy Row
Embassy Row
Budget
296
327
149
38
810
FY12
Forecast Variance
429
133
404
77
148
(1)
53
15
1,034
224
MRP
584
276
150
89
1,099
FY13
Budget Variance
551
(33)
429
153
142
(8)
66
(23)
1,188
89
FY12 vs FY13
Variance
122
25
(6)
13
154-
32
16
(16)
49
39
(10)
Subtotal
842
1,050
208
1,148
1,227
79
23177
Days of Our Lives, The Young & the Restless
Wheel of Fortune, Jeopardy!
Total Daytime & Jeopardy! & Wheel of Fortune
177
191
368
177
207
384
16
16
187
205
392
180
207
387
(7)
2
(5)
3
3
1,210
1,434
224
1,540
1,614
74
180
FY13
MRP
Budget Variance
5
6
1
27
33
6
22
17
(5)
(32)
(32)
22
24
2
FY12 vs FY13
Variance
22
2
5
(2)
27-
Total
EBIT
Broadcast Network: Scripted Pilots and Series
Cable Network: Scripted Pilots and Series
First-Run Syndication
Non-Scripted
Development Expense
Total Before Embassy Row
Embassy Row
Budget
(32)
13
14
(30)
(35)
FY12
Forecast Variance
(16)
16
33
20
15
1
(5)
(5)
(30)
(3)
32
3
2
(1)
4
4
-
Subtotal
(32)
(1)
31
26
28
2
229
Days of Our Lives, The Young & the Restless
Wheel of Fortune, Jeopardy!
Total Daytime & Games
26
97
123
34
104
138
8
7
15
31
106
137
31
106
137
-
(3)
2
(1)
91
137
46
163
165
2
28
Total
p. 35
U.S. Production – Library, Net Overhead & Challenge
Revenue
EBIT
($MM)
($MM)
250
100
90
200
189
196
197
164
94
92
81
80
70
70
150
60
50
100
40
30
50
20
10
-
FY12
Budget
FY12
Forecast
FY13
MRP
FY13
Budget
FY12
Budget
FY12
Forecast
FY13
MRP
FY13
Budget
p. 36
U.S. Production – Library, Net Overhead & Challenge
Revenue
($MM)
Library
All other Products
Challenge
Library, Overhead & Challenge
Budget
162
(3)
30
189
FY12
Forecast Variance
189
27
8
11
(30)
197
8
FY13
Budget Variance
182
21
(3)
14
14
196
32
FY12 vs FY13
Variance
(7)
(8)
14
(1)
FY13
MRP
Budget Variance
92
108
16
(5)
(6)
(1)
(17)
(18)
(1)
10
10
FY12 vs FY13
Variance
(3)
6
10-
MRP
161
3
164
EBIT
($MM)
Library
All other Products
Net G&A
Challenge
Library, Overhead & Challenge
Budget
91
(3)
(18)
22
92
FY12
Forecast Variance
111
20
(6)
(3)
(24)
(6)
(22)
81
(11)
70
94
24
13
p. 37
U.S. Production – Product Library
Revenue
Int'l TV
U.S. TV
SPHE
EBIT
Merch/Other
Off-Net Ad Sales
($MM)
($MM)
200
180
189
162
160
140
120
36
2
16
34
3
34
100
80
39
54
182
161
30
3
12
42
29
100
1
29
55
111
108
92
91
80
60
40
60
40
120
69
64
74
68
20
20
-
FY12
Budget
FY12
Forecast
FY13
MRP
FY13
Budget
FY12
Budget
FY12
Forecast
FY13
MRP
FY13
Budget
p. 38
FY12 and FY13 Risks & Opportunities
FY 12
($MM)
FY 13
EBIT
Cash
Community not renewed for 4th Season
-
-
(7)
14
Rules of Engagement not renewed for 7th season
-
-
(5)
7
+/- TBD
+/- TBD
Broadcast network pilot slate and/or timing
Int'l Distribution incremental deals or product selections (assumes 50% profit rate)
10
Int'l Distribution customer reneg, assumed deals don't close or product selections (assumes 50% profit rate)
(3)
EBIT
Cash
+/- TBD
+/- TBD
25
10
(20)
(35)
(15)
Networks - PMP asset writedown for shut down scenario
-
-
(4)
Networks - Strong YoY ad sales growth projected in FY13 - 20%-50% for main channels across the portfolio (excl India)
-
-
(14)
(12)
Networks - Venezuela currency restrictions lead to change in accounting
-
-
(4)
(4)
Networks - Dollar strengthens by 10 %
-
-
(40)
(30)
Networks - Dollar weakens by 10%
-
-
40
30
International Production - delayed delivery of episodes
(2)
Subtotal
-
5
(15)
-
(29)
(20)
Acquisitions/Divestitures
Networks - MSM minority stake acquisition
-
-
-
(144)
Networks - MaaTV acquisition
-
-
-
(60)
Networks - Bhojpuri acquisition
-
-
-
(80)
Networks - Put Option 18% of GSN - $234m in Cash and forced dividend down to $10m cash
-
-
-
(260)
Networks - GSN mobile games company (Mocospace) - this amount is net of Dividend payout
-
-
-
(10)
Networks - Sale of GSN's CPMstar
-
-
+/- TBD
50
Subtotal
Total
5
-
-
(504)
(15)
(29)
(524)
p. 39
APPENDIX
p. 40
International Production – Variances to Budget & MRP
FY12
($MM)
FY12 Budget / FY13 MRP
Restatement reflecting transfer of sales dept. overhead to Int'l Distribution
Restatement reflecting reduction of rent allocation
Restated EBIT
FY13
$
31
5
$
$
36
$
Volume of Commissions/Deliveries:
European Companies
Middle East
Latin America
34
6
1
41
(12)
(3)
(7)
(11)
(3)
(4)
Mobile Business
(5)
(2)
Teleset Delayed Consolidation
(3)
(2)
Library Format Sales
1
(1)
Russia Increased Library Sales
4
2
Global Hit Format Assumption
(3)
Increased Development
(3)
Group Overhead
(2)
Severance Expense
(3)
FX
(2)
(1)
2
(2)
(28)
(32)
Other
Total Variance
FY12 Forecast / FY13 Budget
$
8
$
9
p. 41
International Production – Detailed EBIT
($MM)
WWTBAM
Other formats
FY12
Budget * Forecast * Variance
23
21
(2)
2
4
2
EBIT
FY13
MRP * Budget Variance
18
16
(2)
3
5
2
FY12 vs FY13
Variance
(5)
1
France (SPT + Starling)
Russia (SPT + Lean-M)
Germany
UK (Victory + Gogglebox)
Tuvalu
Toro
Mobile
Europe
5
8
2
1
1
5
3
25
6
9
1
2
(2)
(2)
14
1
1
(2)
1
(7)
(5)
(11)
4
8
2
2
4
6
2
28
2
7
1
1
2
2
15
(2)
(1)
(1)
(1)
(2)
(4)
(2)
(13)
(4)
(2)
1
4
2
1
Miami
Floresta
Teleset
Latin America
4
2
5
11
(2)
1
(1)
(6)
(2)
(4)
(12)
2
4
4
10
1
2
1
4
(1)
(2)
(3)
(6)
3
2
5
2
-
(1)
(1)
(3)
(1)
4
-
1
-
(3)
2
1
(2)
(10)
1
(3)
(14)
(2)
(13)
2
(13)
(3)
(1)
5
1
(2)
(13)
1
(14)
(5)
(16)
1
(20)
(3)
(3)
(6)
(3)
(3)
1
(2)
(7)
-
Middle East
Asia
General Development
Overhead including Allocations
Other
Reserves/Challenge
Total Other
Global Hit Format
1
-
(1)
3
-
(3)
-
Mergers & Acquisitions
(1)
(1)
-
1
-
(1)
1
EBIT before PPA
49
22
(27)
53
21
(32)
(1)
(13)
(14)
(1)
(12)
(12)
36
8
(28)
41
9
(32)
1
-
26
26
-
11
11
36
34
(2)
41
20
(21)
(15)
(14)
Purchase Price Amortization
EBIT Before Shine Monetization
Shine Monetization
EBIT After Shine Monetization
-
* FY12 EBIT restated to be consistent with FY13, reflecting a transfer of $5MM sales dept. overhead to Int’l Distribution group.
2
p. 42
International Production – Detailed Revenue
Revenue
($MM)
WWTBAM
Other formats
FY12
Budget Forecast Variance
25
23
(2)
7
14
7
MRP
19
11
FY13
Budget Variance
17
(2)
14
3
FY12 vs FY13
Variance
(6)
-
France (SPT + Starling)
Russia (SPT + Lean-M)
Germany
UK (SPT + Gogglebox)
Tuvalu
Toro
Mobile
Europe
46
73
37
17
21
38
29
293
29
43
13
15
18
14
16
185
(17)
(30)
(24)
(2)
(3)
(24)
(13)
(108)
50
71
40
26
28
44
28
317
33
50
21
20
22
20
197
(17)
(21)
(19)
(6)
(6)
(24)
(28)
(120)
4
7
8
5
4
6
(16)
12
Miami
Floresta
Teleset
Latin America
45
30
40
115
16
8
24
(29)
(22)
(40)
(91)
34
36
48
118
22
19
41
(12)
(17)
(48)
(77)
6
11
17
23
6
(17)
34
28
(6)
22
Asia
-
-
-
-
Global Hit Format
-
-
-
33
-
(33)
-
27
-
(27)
26
-
(26)
-
Other
Reserves
Total Other
9
(35)
(26)
1
1
(8)
35
27
(35)
(35)
-
35
35
(1)
(1)
Total Revenue
432
216
(216)
(227)
50
Middle East
Mergers & Acquisitions
493
-
266
-
p. 43
SPT Financial Summary – Detailed Cash Flow
Cash Flow ($ in MM)
International Networks
International Production
International Distribution
Total International
US Networks
US Production & Ad Sales
US Distribution
Total US
Total Before Monetization
Shine Monetization
Total After Monetization
3D Networks
FY13
Q4 vs
Budget
29
30
118
177
MRP
Budget
13
(49)
1,130
1,094
FY12
Q4
Forecast
42
(19)
1,248
1,271
28
(58)
1,348
1,318
(3)
(362)
712
347
12
(443)
729
298
15
(81)
17
(49)
1,441
1,569
0
36
(70)
1,335
1,301
Budget vs
MRP
8
(12)
(13)
(17)
FY12 vs
FY13
(6)
(51)
87
30
35
(406)
705
334
27
(354)
674
347
(8)
52
(31)
13
15
89
(55)
49
128
1,652
1,648
(4)
79
82
82
0
11
11
(71)
1,441
1,651
210
1,652
1,659
7
8
(9)
(11)
(2)
(6)
(8)
(2)
3
Budget
p. 44