ProSiebenSat.1 Media Confirms 2023 Targets; Decides To Invest Significantly More In Local Content
ProSiebenSat.1 Media SE (PBSFF.PK) said, for 2023, the Group continues to expect to achieve financial targets specified on November 14, 2023. Group’s adjusted EBITDA is projected at the lower end of the range of 600 million euros plus/minus 50 million euros forecast at the beginning of the year. Group revenues – as recently announced – will be slightly below the target range of 4.10 billion euros plus/minus 150 million euros. The Group expects that net financial debt will reduce in fiscal 2023.
ProSiebenSat.1 continues to expect slight growth in the revenue and adjusted EBITDA in the fourth quarter.
ProSiebenSat.1 expects Group revenues to increase in 2024 and adjusted EBITDA to remain stable compared to fiscal 2023.
ProSiebenSat.1 said it is focusing on a freely accessible streaming offer that is currently used by around 3.8 million users per month. To strengthen the market share in linear TV and the growth of Joyn, the Group will focus even more clearly on exclusive local content and increase its programming expenses by around 80 million euros to around 1.05 billion euros in the coming year. The company will further reduce the share of US licensed content. It will continue to acquire US licensed content on a selective basis.
The Executive Board has decided that an impairment of up to 250 million euros on existing programming assets and a provision for onerous contracts for the acquisition of future programming assets of up to a further 90 million euros in the fourth quarter of 2023 will be made.
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