German broadcaster ProSiebenSat.1 reports weaker first-half revenue
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ProSiebenSat.1 reported lower revenue in the first half of 2026 as a weak German television advertising market, the shift of spending towards digital platforms and competition from World Cup broadcasters weighed on its entertainment business. The results matter because the company is relying on cost cuts, asset sales and its streaming service Joyn to offset pressure on its traditional linear television operations.
First-half revenue fell 9 per cent year on year to €1.54 billion, or 2 per cent on an organic basis, while second-quarter revenue declined 8.5 per cent to €768 million. Entertainment revenue dropped 6 per cent and linear TV advertising fell 9 per cent, although Digital & Smart advertising rose 6 per cent; Joyn’s advertising revenue increased 8 per cent and subscription revenue grew 20 per cent. EBITDA improved from a €28 million loss to a €124 million profit after lower programming and personnel costs, and the group maintained its forecast for slight organic revenue growth and a significant EBITDA increase for the full year.
- Weak TV advertising and World Cup competition reduced revenue.
- Digital advertising and Joyn continued to grow.
- Cost cuts returned the broadcaster to EBITDA profit.
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ProSiebenSat.1 is Germany's largest commercial broadcaster, best known for free-to-air TV channels but increasingly focused on its streaming service, Joyn, as viewers move online. It makes most of its money from selling advertising, which means its financial health tends to rise and fall with how much German businesses are willing to spend on TV and digital adverts. The company is majority owned by MediaForEurope, a broadcasting group controlled by the family of the late Italian media mogul and former prime minister Silvio Berlusconi.
The German advertising market has been sluggish recently, squeezing revenue for broadcasters like ProSiebenSat.1 that rely on ad sales to fund their programming. Major sporting events such as the football World Cup also affect the business, since viewers who watch matches on rival channels are drawn away from ProSiebenSat.1's own shows, denting its advertising income during the tournament.
Alongside these pressures, the company has been going through a broader restructuring, selling off businesses that are not central to its main operations and cutting costs, while trying to grow Joyn as a future source of revenue. This matters because it shows how traditional TV broadcasters across Europe are trying to adapt their finances and strategy as advertising habits and viewing patterns continue to shift towards streaming.
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Originally published by The Hollywood Reporter as “Soft Ad Market, World Cup Competition Hit Germany’s ProSiebenSat.1 Results”.