PARIS (Agefi-Dow Jones)–The audiovisual group M6 saw its turnover fall by 5.8% in the third quarter, while high inflation and uncertainties about the economy led advertisers to review lower their budgets.
The group published Tuesday a quarterly turnover of 290 million euros, which includes an 8.2% decline in advertising revenue. Current operating income came to 57.2 million euros, against 58.7 million euros a year earlier.
“Advertising revenues fell by 8.2% in an uncertain economic environment which is weighing on advertising investments in several sectors, which are suffering from inflation in the price of raw materials and supply difficulties”, underlined M6 in a press release.
For the first nine months of the year, the group’s turnover was stable, at 954 million euros, despite a 2.4% drop in advertising revenue.
At the beginning of October, the main shareholder of M6, RTL Group gave up selling its 48.3% stake after the failure of the group’s merger project with TF1, which was rejected by the competition authorities. The subsidiary of the German media group Bertelsmann considered that the legal risks of such an assignment would be too high in the run-up to the renewal of the license of the main channel M6, scheduled for next May.
-Thomas Varela, Agefi-Dow Jones; +33 (0)1 41 27 47 99; [email protected] ed: LBO
M6 FINANCIAL RELEASES:
http://www.groupem6.fr/finance/information-regulated/communiques-financiers/
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October 25, 2022 12:22 ET (16:22 GMT)