GUETERSLOH: Bertelsmann, the privately-owned German media group with assets including Random Housepublishers and TV broadcaster RTL, has announced losses of €78 million ($106.4m; £69.8m) for the first quarter of 2009. It compares to a €35m profit over the same period the year before.

Revenues were also down 8 percent on Q1 2008, to €3.5 billion and, despite putting in cost control measures, the company is bracing itself for a further decline through the year.

"Bertelsmann continues to expect that the global economic crisis will put a strain on the economy and on the company's business prospects,” it said.

“The degree of year-on-year change will depend on the intensity and duration of the economic downturn.”

Data sourced from BusinessWeek; additional reporting by WARC staff