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SBS Broadcasting

( SBTV) posted solid first-quarter gains Monday.

The Luxembourg-based media company lost $3.9 million, or 13 cents a share, on revenue of $220 million in the quarter ended March 31. A year ago SBS lost $4.9 million, or 16 cents a share, on revenue of $177 million.

"In the first quarter we continued to improve our operating performance, and our revenue growth outpaced the market in most of our territories," said CEO Markus Tellenbach. "Through the successful launch of new digital channels and the acquisition of the C More Group we are rapidly expanding and diversifying our revenue streams."

Revenue rose 24% in the latest quarter. Excluding the impact of new acquisitions such as C More Group, Prisma TV and Romanian radio stations, adjusted earnings before interest, taxes, depreciation and amortization improved 77%, while the net loss narrowed by 21%.

Shares in SBS have risen 50% over the last year as investors have gravitated to the programming distributor's

digital approach.

SBS rose 63 cents early Monday to $45.42.