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ProSiebenSat.1 cautious over ad market
Munich-based ProSiebenSat.1 Media has predicted the economy will improve in the fourth quarter, but remains uncertain how the German ad market will change in 2010.
The KKR/Permira-owned group's third-quarter revenue fell 8% compared with Q3 2008, to €559.4m (US$832m). Its net loss stood at €11.2m, a marginal improvement over the €14m loss of Q3 2008.
 In the nine months to September 30, ProSieben said that its revenue had fallen €300m to €1.9bn, in part due to outsourcing operations and the sale of Scandinavian pay-TV group CMore. Net profit came in at €35.5m, down from the €42m profit ProSiebenSat.1 posted for the same period last year.
The losses were put down to cost cutting. The private equity group-controlled company axed almost 1,000 employees, and said it expects to make cost savings of €200m this year.
CEO Thomas Ebeling said he expected a recovery in the German TV advertising market in Q4, but that it was uncertain how the ad market would develop in 2010. Changes could range from a 5% decline to 2% growth, he said.
ProSiebenSat.1 bought SBS Broadcasting in 2007 for €3.3bn in a bid to create a stronger rival to Bertelsmann-owned RTL Group, which reports its results on November 10.
Jules Grant
6 Nov 2009
© C21 Media 2009
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