ProSiebenSat.1 Group Ups 2021 Outlook

On the heels of a better-than-expected first quarter, ProSiebenSat.1 Group has increased its projections for 2021 revenues by €100 million ($121 million) to between €4.3 billion ($5.2 billion) and €4.5 billion ($5.5 billion).

In Q1, the European media group saw its revenues inch up by 1 percent to €938 million ($1.1 billion), while EBITDA fell by 9 percent to €143 million ($173.6 million).

Entertainment segment revenues were down 8 percent to €610 million ($740.1 million), with a 20 percent increase in program production and sales revenues at Red Arrow Studios International helping to offset the 14 percent decline in ad revenues.

Net income at the company rose to €66 million ($80.1 million).

Chairman Rainer Beaujean commented, “We are on a very good path to set up ProSiebenSat.1 in an increasingly diversified and profitable manner. Over the coming months, we will make further progress in this area with a sharper focus on synergies and our local markets. We expect the advertising business to improve considerably in the second quarter. Already in April, we increased our advertising revenues by around 40 percent and we are clearly more optimistic for May. At the same time, we see even stronger-than-expected growth in the Entertainment segment outside the advertising business as well as in the Dating and Commerce & Ventures segments. Overall, this means that we are able to increase our previous full-year outlook for revenues and adjusted EBITDA, showing again how well our strategy is taking effect.”