April 30, 2020 / 6:55 AM / 2 months ago

Mediaset Espana profit falls as coronavirus hits advertising market

FILE PHOTO: The headquarters of Mediaset Espana is seen outside Madrid, Spain, April 13, 2016. REUTERS/Andrea Comas

MADRID (Reuters) - Mediaset Espana (TL5.MC) reported an 8% fall in first-quarter net profit on Thursday as the coronavirus pandemic dented the Spanish advertising market.

Italy’s Mediaset’s (MS.MI) Spanish unit said net profit fell to 48.9 million euros ($53.13 million) in the first three months of the year, while gross advertising revenue shrank 9.3% to 202.8 million euros.

“In the first quarter of 2020, the Spanish advertising market has suffered the impact of the COVID-19 crisis, which began in mid-March, with the start of social lockdown,” the company said in a statement.

Reporting by Jose Elías Rodríguez, Editing by Inti Landauro and David Evans

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