ProSieben’s Q2 15 results showed similar trends to those in Q1, with revenues strongly up (+11.8% after Q1 at +12.7%, i.e. H1 +12.2%, a large part being organic), driven by all segments, while the operating margin decreased by 90bp (Q1: -80bp) as costs to expand Digital continue to weigh. These sets of results indeed once again highlight the low short-term operational leverage linked to the diversification strategy (now >36% of revenues outside TV advertising business compared with 3
