ProSiebenSat.1 Sees Earnings Nosedive 49% As TV Ad Market Continues To Falter
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deadline.comSoon after announcing plans to cut 400 roles, European giant ProSiebenSat.1 Media has seen profits plunge 49% and revenues fall.
The Germany-based broadcaster reported second quarter adjusted EBITDA of €79M ($86.2M), compared with the €155M posted in the same segment last year.
Adjusted net income (which excludes capital structure and tax arrangements) was even worse, falling from €64M in 2022 to just €4M, down nearly 94%.
Without the adjustment, ProSieben recorded a €56M loss. Revenues were down 17%, from €1.04B to €868M. Europe’s big media groups are feeling the same pinch as their U.S.
Read more on deadline.com
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