May 9, 2019 / 5:38 AM / 5 months ago

ProSieben stands by guidance, sets June launch for streaming venture

    FRANKFURT, May 9 (Reuters) - ProSiebenSat.1 Media           
reported a 4 percent gain in first-quarter revenues on Thursday,
buoyed by its production and e-commerce divisions, but core
profits declined as weak revenues in its legacy commercial TV
operation weighed.
    The German broadcaster had guided for a decline in earnings
before interest, taxation, depreciation and amortization
(EBITDA), and its reported 5 percent drop just beat expectations
in a Reuters poll of analysts.             
    CEO Max Conze, who has just bet a million euros on ProSieben
stock, wants to transform the company into a digital media and
e-commerce enterprise. He announced that a TV streaming venture,
called 'Joyn', would launch in June.             

 (Reporting by Douglas Busvine
Editing by Michelle Martin)
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