ProSiebenSat.1’s Third-Quarter Revenues Dip 13% To $956M As Ad Market Downturn Bites

deadline.com:

German broadcasting powerhouse ProSiebenSat.1 Media has posted third quarter group revenues of €921M ($955.7M), a drop of 13%.

Profits also fell from EUR162M in the same three months last year to €118M, and adjusted net income was €43M. In a “very challenging market environment,” the Unterföhring-based company noted its nine-month group revenues were “almost stable” at €2.93BN and said its cash flow management had been “effective,” with net financial debt falling €372 to €1.74BN.

The results also included a non-cash impairment of EUR312M of its NuCom Group and organic group revenues were down 9%. The news comes soon after ProSiebenSat.1 reorganized its international production and distirbution companies under new arm Seven.One Studios.

That followed the sale of its Red Arrow Studios U.S. production assets to Peter Chernin’s The North Road Company and the move to take over Warner Bros Discovery’s shares in streamer Joyn, which is moving to “center stage in the group’s digital entertainment presence.” ProSiebenSat.1’s entertainment segment declined 15% to €621M.