GÜTERSLOH, Germany: Bertelsmann, the German media group, saw its net profits fall by around a third to €270 million ($365m; £248m) last year, a slump largely attributed to a writedown of various assets, including its UK TV channel Five.
However, Bertelsmann said RTL, which contributes 35% of its total revenues, was able to "buck the declining TV ad sales markets in many areas."
The German media giant also stated that its magazine publishing arm, Gruner + Jahr, suffered from a slowing ad sales market and weakening consumer confidence, with total revenues declining from €2.6bn in 2007 to €2.4bn last year.
Thomas Rabe, the company's finance director, said that he did not expect the company making a loss this year, but admitted it could face further impairment charges if the recession deepens, particularly relating to its TV operations.
Data sourced from Financial Times; additional content by WARC staff