Telegraaf Media Groep (TMG) is to write off €36.5m in goodwill on its internet subsidiary Hyves, which it bought at the end of 2010.

The write-off brings the group’s net loss for 2012 to €15.2m, the owner of the Telegraaf newspaper said during the presentation of its annual figures on Tuesday.

It is the second year in a row that TMG booked a loss because of a write-off.  In 2011 the group booked a net loss of €32.6m after a write-off of €44m in goodwill in Sky Radio, says the Financieele Dagblad.

TMG said in a statement it wants to concentrate on its core business of print, online and radio, and is looking at selling puzzle magazine company Kessing.

The media group also has a 6% interest in German tv company ProSiebenSat.1 but has not yet decided whether to sell these shares.

Newspapers

TMG saw operating profit fall by 34% to €41.3m through a combination of falling advertising revenue in its traditional newspaper business and a decrease in income from Hyves.

Turnover remained stable at €577m thanks to acquisitions.

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