Red Arrow Studios , the production group owned by German broadcaster ProSiebenSat.1 , took a €46 million ($55M) hit to its revenue in 2020 after the coronavirus pandemic halted production around the world. Red Arrow-owned Kinetic Content landed a big Netflix hit in the shape of Love Is Blind , but it was ultimately an unsettled year for the production empire amid Covid-19. ProSiebenSat.1 shelved plans to sell the company because of the pandemic, while the producer's CEO James Baker was among a number of senior executive departures. Red Arrow is now overseen by a ProSieben advisory board. According to ProSieben's full-year earnings, Red Arrow's total revenue fell 6% from €730M in 2019 to €684M last year. Adjusted EBITDA dropped 12.6% to €42M. Revenue picked up in Q4 last year, when sales hit €235M, compared with €222M in 2019. Related Story BBC Casts ‘My Name Is Leon’; Red Arrow Locks-In CPL; ITV Renews ‘Finding Alice’; ITV Orders ‘Britain’s Tiger Kings’ — Global TV Briefs ProSieben said: "The effects of the COVID-19 pandemic also had a high impact here in the second quarter in particular, with the international program production business being particularly hard hit. After program productions in the US… Read full this story
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