The recession in the TV advertising market has continued to affect the revenues of German broadcasting giant, the ProSiebenSAT.1 Media Group which reported a 10% decline in revenues - down Euros 40m to Euros 351.1m - for the third quarter of 2002.
Over the first nine months of this year, revenues for the Group were reduced by Euros 82.3m to Euros 1.336bn, equivalent to a 6% year-on-year fall even though the company had extended its advertising market share by 0.4% to 45.9%.
Announcing the figures on Thursday (Nov 7), ProSiebenSAT.1 Media's board chairman Urs Rohner noted that SAT.1's pre-tax loss had grown from Euros 47.7m at the beginning of the year to Euros 115.6m but he was looking to have the channel being profitable by next year. A step towards this goal would be taken by having Ludwig Bauer, board member responsible for television, operating in future from the channel's HQ in Berlin.
The prospects for next year did not give cause for much celebration, according to Rohner. "At the present moment in time we can at best expect that the downward trend in the advertising market will not continue further in 2003. After two minus years in a row that would definitely be a positive signal for the whole industry," he declared.
ProSiebenSAT.1 Media is currently the in exclusive negotiations on the future of the insolvent KirchMedia concern with a consortium led by the Heinrich Bauer publishing empire.