Citing broader macroeconomic concerns in the German-speaking region, ProSiebenSat.1 Group reported Q1 revenues of €816 million ($875 million), a 13 percent reduction on the same period last year.

“As expected, the macroeconomic environment continued to directly impact our advertising business in the first quarter of 2023,” said CEO Bert Habets. “This is expected to continue in the second quarter, although somewhat less pronounced. We are already seeing significant improvements in advertising bookings in June compared to the previous months. Therefore, we currently expect adjusted EBITDA in the second quarter to be in the mid to high double-digit million EUR range. At the same time, we expect a significant recovery of our very profitable advertising business in the second half of the year, in parallel with the forecast economic upturn. In 2023, we are laying the foundation for profitable growth in the long term. We are thus focusing clearly on cost efficiency and making targeted investments in the areas that are strategically important to us in order to make our offerings even more attractive, especially digitally. In this context, the focus is on Joyn. With the launch of our streaming platform in Austria, we have shown that a joint platform of private and public content is possible. We are also working intensively on this in Germany. Ultimately, it’s about giving viewers the best possible offer, directly addressing their needs and habits.”

Entertainment segment revenues were down 20 percent to €527 million ($565 million) due to the sale of its U.S. production businesses last summer and a 12 percent decline in ad revenues. Commerce and ventures revenues rose by 17 percent to €172 million ($184.5 million), while the dating and video segment reported revenues of €117, a 14 percent drop. The company posted an adjusted net loss for the period of €15 million ($16 million).

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