Fremantle Owner Downgrades 2023 Financials Following Half-Year Profit Tumble
deadline.comRTL Group, the owner of American Idol outfit Fremantle, has downgraded its full-year financial expectations following a tricky six months during which group profit tumbled by more than 50%, although Fremantle revenues grew slightly.
Delivering its half-year results this morning, RTL cited “challenging TV advertising markets in particular in Germany” leading to group revenue dipping by 5.1% to €3.1B ($3.4B) and group profit falling by 56.6% to €132M.
Adjusted EBITDA fell by almost exactly 50% to €250M and basic and diluted Earnings Per Share were down by 70%. Bertelsmann-owned RTL, which owns Fremantle, streamers RTL+ and Videoland, linear channels acrosss Europe and publishing assets, has therefore downgraded its full-year revenue targets from the €7.3B-to-€7.4B mark to around €7B, which would mean a small loss rather than minor gain as originally forecast.
Adjusted EBITDA targets have dropped from the €1B-to-€1.05B mark to circa-€950M, which would again mean a small loss on the prior year.
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