European broadcasting heavyweight RTL has warned of “persistent weakness” in the TV advertising market, as it posted Q3 revenue down more than 10% year-on-year.
Group revenues for the quarter were €1.6B ($1.7B), with timing effects at production arm Fremantle and the TV ad market cited as organic reasons.
Full year revenue is now expected to be down about €100M to €6.9B, while adjusted EBITA will come in €50M at €900M. Within the Q3 stats, TV ad revenue was down 3.7% and guidance has been changed from an expectation of small growth to mid-single-digit percentage” declines in the second half of 2023.
However, RTL’s family of channels in its main market, Germany, gained audience share over key commercial rival ProSiebenSat.1.
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