Germany’s ProSiebenSat.1 Group Revenues and Profits Plunge as TV Advertising Revenues Decline
variety.comNaman Ramachandran Declining TV advertising revenues in the German-speaking region have contributed to revenues and profits plunging at media giant ProSiebenSat.1.
Quarterly results published on Thursday reveal that the group’s revenues declined from €1.04 billion ($1.14 billion) in 2022 to €868 million ($950 million) this year.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) declined by 49% to €79 million in the second quarter of 2023 (previous year: €155 million).
For the half year, the group’s adjusted EBITDA was €133 million (previous year: €267 million). Consequently, adjusted net income plummeted to €4 million in the second quarter (previous year: €64 million) and for the half year, adjusted net income fell to minus €11 million (previous year: €101 million).
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