- Share this article on Facebook
- Share this article on Twitter
- Share this article on Email
- Show additional share options
- Share this article on Print
- Share this article on Comment
- Share this article on Whatsapp
- Share this article on Linkedin
- Share this article on Reddit
- Share this article on Pinit
- Share this article on Tumblr
BERLIN — 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.
Sign up for THR news straight to your inbox every day