FILM MAKER’S £47M BILL TO CASH IN ON NETFLIX

ENTERTAINMENT One has taken a £47m hit in a bid to overhaul its film distribution arm.

The media giant, which owns Peppa Pig and distributes hits such as La La Land and The Girl On The Train, and was behind Oscar-nominated Jackie (starring Natalie Portman, pic

tured), said it had terminated one of its contracts and replaced it with a distribution agreement and, as a result, would be left with a one-off bill of £19.4m.

It also said further investments into reshaping its film division would lead to £27m of one-off costs as it works to shift from a focus on physical distribution, such as DVDs, to digital content on streaming sites like Netflix.

Underlying earnings for the year, however, will be in line with management expectations.