European broadcasting heavyweight RTL has warned of “persistent weakness” in the TV advertising market, as it posted Q3 revenue down more than 10% year-on-year.
Group revenues for the quarter were €1.6B ($1.7B), with timing effects at production arm Fremantle and the TV ad market cited as organic reasons.
Full year revenue is now expected to be down about €100M to €6.9B, while adjusted EBITA will come in €50M at €900M. Within the Q3 stats, TV ad revenue was down 3.7% and guidance has been changed from an expectation of small growth to mid-single-digit percentage” declines in the second half of 2023.
However, RTL’s family of channels in its main market, Germany, gained audience share over key commercial rival ProSiebenSat.1.
Read more on deadline.com
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