The Entertainment segment (relying on TV advertising and representing 85% of ProSieben’s EBITDA) has seen its revenues decline by only 3% yoy but EBITDA fell by 21% yoy. ProSieben’s business will be heavily impacted by the COVID-19 pandemic: for the month of April 2020, TV core advertising revenues are expected to be down by c.40% yoy. European broadcasters are no longer worth anything as their business models could not escape COVID-19. We prefer to stay away from the stock.
07 May 2020
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ProSiebenSat.1 Media SE (PSM:WBO) | 0 0 2.1% | Mkt Cap: 7,340m
- Published:
07 May 2020 -
Author:
Jean-Michel Salvador -
Pages:
3
The Entertainment segment (relying on TV advertising and representing 85% of ProSieben’s EBITDA) has seen its revenues decline by only 3% yoy but EBITDA fell by 21% yoy. ProSieben’s business will be heavily impacted by the COVID-19 pandemic: for the month of April 2020, TV core advertising revenues are expected to be down by c.40% yoy. European broadcasters are no longer worth anything as their business models could not escape COVID-19. We prefer to stay away from the stock.