It has been an anxious summer in Burbank, Bristol and the rest of the Disney-ESPN empire thanks to ongoing cutbacks, movie box office disappointments and strategic uncertainties. Disney stock recently sank to a nine-year low.
08.08.2023 - 08:19 / deadline.com
RTL Group, the owner of American Idol outfit Fremantle, has downgraded its full-year financial expectations following a tricky six months during which group profit tumbled by more than 50%, although Fremantle revenues grew slightly.
Delivering its half-year results this morning, RTL cited “challenging TV advertising markets in particular in Germany” leading to group revenue dipping by 5.1% to €3.1B ($3.4B) and group profit falling by 56.6% to €132M. Adjusted EBITDA fell by almost exactly 50% to €250M and basic and diluted Earnings Per Share were down by 70%.
Bertelsmann-owned RTL, which owns Fremantle, streamers RTL+ and Videoland, linear channels acrosss Europe and publishing assets, has therefore downgraded its full-year revenue targets from the €7.3B-to-€7.4B mark to around €7B, which would mean a small loss rather than minor gain as originally forecast. Adjusted EBITDA targets have dropped from the €1B-to-€1.05B mark to circa-€950M, which would again mean a small loss on the prior year.
The downgrades are reflective of a wider TV and film market being impacted by global macroeconomic shocks along with the strife in the U.S. Big European players such as Germany’s ProSiebenSat.1 and Scandinavia’s Viaplay have recently implemented big layoffs. The former’s second-quarter earnings nosedived in figures published earlier this week.
RTL is keeping its lofty target for Fremantle to hit €3B revenues by 2025 and the super-indie would have been pleased to grow turnover slightly across the half year to top the €1B mark, although adjusted EBITDA fell by the far bigger 40% to €36M. Fremantle turnover for the first quarter of this year slid 5% amidst a wider RTL tumble of almost 10%.
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