ProSiebenSat.1: shares rise after results top forecasts

(CercleFinance.com) - ProSiebenSat.
1 Group reported quarterly earnings that beat expectations on Thursday, sending its shares up slightly in Frankfurt.

The German broadcaster said it had a "positive start into 2019," with first-quarter revenue up 4%, despite a weak advertising market. Its sales totalled 913 million euros, from 881 million euros in the first quarter of 2018.

As expected, adjusted EBITDA decreased by 5% to 190 million euros, due to lower advertising revenues and investments, it said.

In the statement, ProSiebenSat.1 said it continues to target mid-single-digit percentage sales growth, with an adjusted EBITDA margin of between 22% and 25%, which sent its shares up nearly 1%, outperforming a lower German stockmarket.

ProSiebenSat also said that in June it will launch a streaming platform with Discovery under the brand Joyn, offering live streams of over 50 TV channels, as well as a on-demand content with original series and shows.

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