ProSiebenSat.1 Media has posted adjusted EBITDA down 39%, as the linear TV advertising market bit, though streamer Joyn achieved its best quarter to date.The Germany-based TV giant posted adjusted earnings of €44M ($49.2M), which was attributed to “the highly profitable but also very cyclically sensitive linear TV advertising business.” Revenue was stable at €855M, down 1% year-on-year.External revenues in the Entertainment segment amounted to €544M, down 2% on 2024’s figure. ProSieben said this “reflects the macroeconomic environment and is characterized by restraint in advertising spending.” There were also dips in the Dating segment, while Commerce & Ventures was up 11%.However, it was in digital where the most notable growth is occuring. Joyn had another quarter of growth, with monthly average users up to 8.3 million, which is 26% up year-on-year. Total viewing time grew to 13.5 billion minutes, which is up 48%, and there was a 39% increase in AVOD revenues, while SVOD sales rose by 16%.ProSieben said production companies within Seven.One Studios – including CPL, July August Productions, Pyjama Pictures, Redseven Entertainment and Snowman – had “successfully positioned themselves in the market, particularly in the United Kingdom and Germany,” but didn’t provide further detail.Distribution revenues at Seven.One Studios International fell 5%, but ProSieben said it was “very profitable and at the same time strategically relevant, as revenues develop independently of the economically sensitive advertising market.”The results come at a tricky time for ProSieben. Earlier this week, we reported major shareholder PPF IM is planning to double its stake in the broadcast giant to nearly 30%, giving its backing to the current management team in the process. PPF and largest shareholder MediaFor Europe (MFE) have both been calling on faster transformation away from non-core activities such as dating and e-commerce and towards a digital entertainment business.ProSieben is now selling several such businesses and this appears to have assuaged PPF, though MFE clearly feels differently and recently crossed the 30% share barrier that triggers an automatic takeover attempt. PPF said earlier this week its offer is at a considerable premium and therefore preferable to MFE’s, which was considered low.
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