ProSiebenSat.1 Full-Year Profit Down $109M In “Difficult Economic Environment” But Earnings Up In Q4
deadline.comProSiebenSat.1 Media has posted full-year earnings down €100M ($109), but its recent recovery looks set to continue with fourth quarter income up “significantly.” The German broadcast giant posted adjusted EBITDA of €578M in 2023, down nearly 15% from €678M in 2022.
This was in line with expectations in what the broadcaster called both an “economically weak” and “difficult” environment. Revenues were also down 7.5%, at €3.85B for the full year against 2022’s €4.16B.
However, as ProSieben had indicated in preliminary Q4 results last month, revenues for the quarter were up and adjusted EBITDA increased by 11% to €335M, though net income dropped from €301M to €225.
Furthermore, group net debt for 2023 declined 4% to €1.55M thanks to high cash flow intake towards the end of the year. The entertainment division, which houses its channels and streaming assets, saw external revenues fall 11% across the year to €2.57B, with a fall in advertising in German-speaking regions blamed.
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