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Slight Q1 Loss for Bertelsmann

Bertelsmann, the international media company and parent company of Random House, announced that the company continued its positive development in the first quarter of 2007. Adjusted for portfolio and foreign exchange effects, revenue rose by 1.7 percent year on year, to 4.4 billion euros. Reported revenue declined slightly though, since this was the first time that the BMG Music Publishing business was no longer included. The reported revenue also reflects foreign exchange effects arising from the euro’s strength in relation to the dollar. Bertelsmann’s Chief Financial Officer Thomas Rabe said: “Overall, we got off to a good start this year and we expect to achieve our financial targets for 2007. We are pleased to have reached out-of-court settlements about Napster with most plaintiffs and claimants.”

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