Channel woes dig into ProSieben Q1

Operating profit plunged 25%

BERLIN -- Weakness at its core German television channels weighed down the results of pan-European broadcaster ProSiebenSat.1, which saw pro forma revenue slip 2% in the first quarter to 729 million euros ($1.1 billion) while operating profit plunged a drastic 25% to 88.5 million euros ($139 million).

Poor ratings at Berlin-based Sat.1 and new, tighter advertising regulations contributed to the downward slide. ProSiebenSat.1 said it will cut 70 million euro ($110 million) from its 2008 budget, primarily by trimming administrative costs.