ProSiebenSat.1, the German commercial broadcaster controlled by the Berlusconi family's MediaForEurope group, confirmed on Thursday that first-half revenue fell as a weak domestic TV advertising market and competition from broadcasters showing the World Cup hit its entertainment business. Despite the decline in revenue, earnings improved sharply thanks to cost-cutting and an ongoing restructuring drive, and the company reaffirmed its full-year outlook for slight organic revenue growth and a significant rise in EBITDA, while cautioning that visibility in the German ad market remains limited.

First-half revenue came in at €1.54 billion ($1.77 billion), down 9 per cent year-on-year (2 per cent organically), with entertainment revenue dropping 6 per cent to €952 million ($1.09 billion) and linear TV advertising down 9 per cent. Digital advertising was a bright spot, rising 6 per cent, with streaming service Joyn's ad-supported revenue up 8 per cent and subscription revenue up 20 per cent. First-half EBITDA jumped by €152 million to €124 million, from a €28 million loss a year earlier, helped by lower programming and personnel costs following restructuring and the sale of six non-core businesses, including Studio71 U.S. The firm is also investing in Joyn, striking a content deal with ZDF and building a shared streaming platform with MediaForEurope, whose network also includes Mediaset in Italy and Telecinco in Spain.