Italian broadcaster Mediaset reported consolidated net revenues of EUR 2.93 billion in 2019, down around 14 percent from EUR 3.40 billion in 2018, attributed to a redefinition of the group’s core business and a downturn in the advertising market in both Italy and Spain. The broadcaster's domestic division saw revenues fall to EUR 1.98 million from EUR 2.42 billion in 2018, while Mediaset Spain’s revenues declined to EUR 946.2 million from EUR 981.6 million a year earlier
However, the company was keen to stress that its consolidated net profit doubled to EUR 190.3 million from EUR 97.4 million a year earlier, with group EBIT soaring to EUR 354.6 million from EUR 73.7 million due in part to lower football rights costs.
In its statement, Mediaset referred to the coronavirus (Covid-19) emergency in its markets, highlighting that “visibility has diminished significantly in recent weeks” and that it was impossible to provide reliable forecasts on how the crisis would impact the company’s results.
In a post-results briefing, Reuters reported that chief financial officer Marco Giordani said Mediaset is considering options for its 15 percent stake in German counterpart ProSiebenSat.1 Media. Mediaset is waiting for ProSieben’s strategy update due next month and will then decide whether “to stay, to leave or to increase” its investment, he said, adding that “from the financial point of view we have structured the acquisition in a way that theoretically we can also leave the investment if for any reason we decide that the consolidation would not be possible”.
