Recovering German Giant ProSiebenSat.1 Says It Ended 2023 On “Good Note” As Q3 Earnings Of $358.5M Exceed Expectations

deadline.com:

Germany’s ProSiebenSat.1 Media says it ended 2023 on “a good note” after posting earnings of €335M ($358.5M) in its fourth quarter financials.

The broadcaster and media giant had a torrid 2023, in which revenues and earnings fell and the company was forced to reduce headcount in the face of a reduced TV advertising market and restructuring challenges.

However, preliminary results for 2023 Q4 results show it had exceeded previous EBITDA expectations by 11% and grew profits by €32M year-on-year.

Further good news came in a major decrease in net debt, down from €1.78B in Q3 to €1.55B. The company called the figures a “significant increase” and attributed this to “combination of the expected positive business development in the fourth quarter of 2023 as well as various smaller and non-recurring earnings effects that arose during the preparation of the consolidated financial statements.” Revenues for Q4 were largely flat at €1.28B, compared with €1.27B.