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ProSiebenSat.1 Media Sees Q1 Profits Dive 39% As “Very Cyclically Sensitive” TV Ad Market Bites
ProSiebenSat.1 Media has posted adjusted EBITDA down 39%, as the linear TV ad market bit, though streamer Joyn achieved its best quarter to date.
Earlier this week, we reported major shareholder PPF IM is planning to double its stake in the broadcast giant to nearly 30%, giving its backing to the current management team in the process. PPF and largest shareholder MediaFor Europe (MFE) have both been calling on faster transformation away from non-core activities such as dating and e-commerce and towards a digital entertainment business. ProSieben is now selling several such businesses and this appears to have assuaged PPF, though MFE clearly feels differently and recently crossed the 30% share barrier that triggers an automatic takeover attempt.
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