Pro7 third-quarter profit drops 17.4%
Pan-European broadcaster hit by falling ad salesCOLOGNE, Germany -- Third-quarter operating profits fell 17.4% to 103 million euros ($133 million) at Pan-European broadcaster ProSiebenSat.1 as the global financial crisis and an advertising slump in Germany continue to batter the company.
Revenue slipped 3.3% to 647 million euros ($833 million), and the company booked a 10.7 million euro ($13.8 million) net loss for the three months ending Sept. 30.
More troubling, ProSieben said business cooled off significantly at the end of the quarter, a possible indication of a wider downturn in the German economy.
ProSieben said it will make further budget cuts and is selling off subsidiaries left and right to try to pay down its 3.8 billion euro ($4.9 billion) debt load.
Given the problems plaguing ProSieben, it's no surprise the company has had trouble finding a replacement for CEO Guillaume de Posch, who will resign at the end of the year.