August 28, 2017 / 6:57 PM / a year ago

Germany's ProSiebenSat.1 warns of weaker TV ad revenues in third quarter

FRANKFURT (Reuters) - German broadcaster ProSiebenSat.1 Media SE (PSMGn.DE) on Monday warned that TV advertising revenues in German-language markets would decline in the third quarter but it upheld its full-year profit guidance thanks to a better performance in other divisions.

FILE PHOTO - Thomas Ebeling, CEO of Germany's biggest commercial broadcaster ProSiebenSat.1 Media AG, poses before the company's annual news conference in Unterfoehring, north of Munich February 28, 2013. REUTERS/Michael Dalder/File Photo

Revenue at the Broadcasting German-speaking segment would decline by a mid-single digit percentage year-on-year, where it had previously predicted an improvement, the company said in a statement.

The company reaffirmed its target for full-year adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and adjusted net income to exceed the prior year’s level, banking on improved advertising trends in the fourth quarter.

It added it was seeing a continued positive development of its TV distribution, content production and digital activities in the third quarter/

Reporting by Ludwig Burger; Editing by Alison Williams

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