ProSiebenSat.1: shares dive after weak 2019 results
(CercleFinance.com) - ProSiebenSat.
1 shares are down almost 8% on Thursday, after the media group posted lower operating profit for 2019, hurt by a challenging TV advertising market.
Germany's biggest commercial broadcaster said that adjusted EBITDA dropped 14% last year to 872 million euros on revenues that grew by 3% to 4.1 billion euros.
For 2020, the group said it aims to increase its revenues to 4.3 billion euros, achieving adjusted EBITDA of around 870 million euros, which is under the consensus.
In a statement, the company said it expects a weak start in the TV advertising business, with a better development in the second half of the year.
ProSiebenSat.1 also announced that it will team up with private-equity firm General Atlantic for the acquisition of US online dating and social entertainment provider The Meet Group in a deal valuing the firm at approximately 500 million dollars in enterprise value.
However, the market didn't like this news, with its shares falling almost 8% on the Frankfurt Stock Exchange on Thursday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
1 shares are down almost 8% on Thursday, after the media group posted lower operating profit for 2019, hurt by a challenging TV advertising market.
Germany's biggest commercial broadcaster said that adjusted EBITDA dropped 14% last year to 872 million euros on revenues that grew by 3% to 4.1 billion euros.
For 2020, the group said it aims to increase its revenues to 4.3 billion euros, achieving adjusted EBITDA of around 870 million euros, which is under the consensus.
In a statement, the company said it expects a weak start in the TV advertising business, with a better development in the second half of the year.
ProSiebenSat.1 also announced that it will team up with private-equity firm General Atlantic for the acquisition of US online dating and social entertainment provider The Meet Group in a deal valuing the firm at approximately 500 million dollars in enterprise value.
However, the market didn't like this news, with its shares falling almost 8% on the Frankfurt Stock Exchange on Thursday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.