ProSieben’s Q3 15 results showed further accelerating trends compared with H1, with revenues strongly up (+17.2% to €747.1m, after +12.2% in H1; 80% is organic), driven by all segments and partly supported by recent acquisitions. The consolidated operating margin nonetheless dropped by 180bp (H1 was -90bp) to 23.8% (i.e. year-to-date down 120bp to 26.1%), as costs to expand Digital are continuing to weigh (division EBITDA margin down from 20.3% to 18.1%). After higher non-recurring
