ProSiebenSat.1 Sees Q3 Gains

ProSiebenSat.1 Media posted third-quarter revenues of €921 million ($1.09 billion), slightly lower than the same period last year but a considerable improvement on the pandemic-impacted second-quarter results.

Net income at the European media company more than doubled year-on-year to €69 million ($82 million).

“We are very satisfied with our development in the third quarter,” said Rainer Beaujean, chairman of the executive board and CFO. “As an early-cyclical company, we were now able to benefit from the economic recovery in the summer, following the difficult first half of the year, and have seen an upward trend in the advertising market. At the same time, our strict cost management is taking effect, with our adjusted EBITDA growing again compared to the previous year for the first time since the first quarter of 2018. With the launch of the umbrella brand Seven.One Entertainment Group as well as the formation of our ParshipMeet Group, we are furthermore advancing the reorganization of the group. While the online dating business is clearly supporting our diversification, we are focusing on our core competencies in the entertainment business. This also includes disposing of companies that do no longer contribute to our core business. This was the case with myLoc, a provider of hosting solutions. The sale of WindStar Medical in NuCom Group’s beauty and lifestyle segment also falls into this category. This reflects our long-term strategy, which aims to create value for all stakeholders—through operational progress as well as active portfolio management.”

At Seven.One Entertainment Group, revenues were down 5 percent to €499 million. Advertising revenues were 6 percent lower at €418 million, while distribution revenues rose by 8 percent to €42 million.

At Red Arrow Studios, Q3 revenues were €166 million—down 7 percent on the same period last year—with the U.S. production business still impacted by COVID-19 restrictions. Production revenues were down 24 percent to €74 million, while global sales revenues more than doubled to €20 million and Studio71’s revenues were stable at €72 million. Adjusted EBITDA for Red Arrow Studios rose by 80 percent to €15 million.