July 29, 2020 / 9:08 AM / 11 days ago

French TV group TF1 withdraws 2021 guidance, drops dividend amid COVID-19 impact

(Reuters) - French TV group TF1 (TFFP.PA) said on Wednesday it had withdrawn its guidance for 2021 and had dropped its dividend for 2019, citing the coronavirus pandemic which saw advertising campaigns cancelled across all sectors.

The Paris-based company, which owns France’s most popular channel, reported a fall in advertising revenue in the first half of the year of 26.3% to 616.4 million euros (559.54 million pounds) as the health crisis cost an overall 250 million euros in lost revenue.

TF1, which withdrew its dividend proposal for 2019 and financial targets for 2020 on April 1, said it had decided on Tuesday not to pay a dividend out of 2019 profits.

Reporting by Juliette Portala in Gdansk; Editing by Gareth Jones

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