Germany's broadcast leader, ProSiebenSat1 has become the latest casualty of the advertising slowdown that has spread from the US to Europe.
Today it warned that profits in the current year may not beat the record set in 2000 and unveiled a 20% drop in pre-tax profits for the first half of 2001, down to Euros89m. Turnover was down 3% at Euros1.03bn.
The group, which was formed from the merger of the Kirch units, Pro7 and Sat 1 and which also includes Kabel 1, revealed that the Sat 1 channel has moved from profit to loss following a hefty drop in ratings.
In a statement it said: "The cooling economic climate in Germany will again influence business developments in the second half'thanks to strict cost management pre-tax profit will maintain the record level of 2000."