An uncertain path lies ahead for German studio Constantin Film because its Swiss parent company, Highlight Communications, is wrestling with a bank loan of CHF 74.5 million ($93 million) maturing on Nov. 30, which could put Constantin’s ownership in play, The Hollywood Reporter reported.
Why is Constantin Film facing ownership uncertainty?
The immediate threat comes from Highlight Communications, which has wholly owned Constantin since 2009. Highlight reported an operating loss of CHF 131.8 million ($165 million) for 2025 on revenue of CHF 412.1 million ($503 million), leaving the Swiss media group with negative equity of CHF 4 million.
The financial damage stemmed almost entirely from Highlight’s struggling sports and events division, including broadcaster Sport1. By contrast, Constantin’s film division remained profitable and now accounts for roughly three-quarters of Highlight’s total revenue, making it the parent group’s most valuable operating asset.
How does a November bank loan threaten the studio?
Highlight faces a CHF 74.5 million ($93 million) bank loan that comes due on Nov. 30. As security for this borrowing, the parent organization has put up every single one of its Constantin shares—valued on its financial records at approximately CHF 142 million ($177 million)—together with additional properties and holdings.
If Highlight cannot refinance or repay the loan, banks could enforce their claims against those assets. Highlight's annual report warns the group may not be able to continue operating, and Chairman Bernhard Burgener has not ruled out selling Constantin.
What steps has Constantin taken to prepare for a new investor?
Constantin has created a mechanism to bring in fresh capital and potentially alter its ownership structure. During an extraordinary general meeting of shareholders held on Aug. 21, the firm granted its leadership the authority to distribute up to 6.37 million additional shares across the coming half-decade in return for financial contributions or property.
This authorization represents a potential one-third stake in Constantin. If placed entirely with a single investor, Highlight’s ownership would drop from 100 percent to two-thirds, though no deal has been announced.
How has the film division performed under Oliver Berben?
While its parent company struggles, Constantin’s film slate is delivering strong box office returns following a strategic shift by CEO Oliver Berben. Berben took over the German mini-major two years ago and moved away from high-risk, expensive productions like In the Lost Lands and Momo.
Instead, the studio leaned into co-productions and fan-driven intellectual property.
The Resident Evil reboot directed by Zach Cregger grossed $410 million globally against a $75 million budget, and the Colleen Hoover adaptation Regretting You earned over $90 million on a $30 million budget.
“We have succeeded more quickly than expected in steering the company back onto a growth trajectory,” Berben told The Hollywood Reporter.