ProSiebenSat.1 loss better than expected

Broadcaster reports loss of €1.7 mil for first quarter

CANNES -- European broadcasting giant ProSiebenSat.1 staunched the flow of red ink in the first quarter, booking a loss of just €1.7 million ($2.3 million). Most analysts had expected net loss for Q1 to come in closer to $30 million.

ProSieben shares continued their rebound, bouncing 3% on the news Thursday to €3.06 ($ 4.2)

First-quarter revenue dropped 14% to €635 million ($863 million), slightly worse than expected but in line with the overall gloomy climate in the European TV market. ProSieben CEO Thomas Ebeling praised the company strong performance in a "difficult market environment," but declined to give a forecast for the full year.

 ProSieben's main competitor, Bertelsmann-controlled RTL Group, has said it expects TV ad revenue in Europe to drop 15% this year.