• Good news for US billionaire Haim Saban – his latest acquisition, German broadcast giant ProSiebenSat.1, doubled second-quarter profits after slashing costs.
The group posted pre-tax income of €33.2 million ($37.6m; £23.4m) for the three months to June, up from €16.8m in Q2 last year. The profits surge – which makes up for the €30.8m loss in the first quarter – comes in spite of a 6% year-on-year revenue decline to €466.9m.
ProSieben slashed costs by 13% as it tried to combat the slump in advertising, which generates 90% of its revenue. The savings were found by cutting programming budgets and laying off staff.
• Meanwhile, Univision – America’s biggest Spanish-language media firm – reported an 88% year-on-year surge in Q2 net profits to $41.6m, even though revenues fell by 1%.
The group revealed that ad sales for the new season have been strong, boosted by the broadcaster’s ratings growth. It expects Q3 revenues to be up by over 10%.
Data sourced from: multiple sources; additional content by WARC staff