ProSieben shares plunge on profit warning
Shares fall more than 6% on weak outlookBERLIN -- Shares in ProSiebenSat.1 fell more than 6% Wednesday after the European broadcasting giant confirmed it would not meet its year-end targets.
Blaming weak performance and "poor visibility" in its core German market, ProSieben now expects to book recurring EBITDA profits of between 670 million euros and 700 million euros ($986 million-$1 billion).
That would be a virtual flat line with 2007 results (600 million euros), despite ProSieben's mega-merger with SBS Broadcasting last July.
ProSieben also confirmed that they won't make their 2008 revenue target of 3.3 billion euros ($4.8 billion) but did not give a revised figure.
Just last month, ProSieben tried to reassure investors it had corrected problems with its ad-booking model, which had led to major shortfalls in the first half. But the Munich-based group said that ad revenue from September and early forecasts for October did not meet initial expectations, suggesting there will be no bounce back in the second half.