Italy’s Mediaset Bucks European Broadcasting Downturn
Publitalia, the sales house of Italy-based broadcaster Mediaset, has announced that net advertising revenues grew by 12.8% during 2000. This is marginally higher than ABN Amro’s full year forecast of 12.4%. The broker says it is now confident that Mediaset will surpass the group net profit forecast of €380 million for 2000 when it announces its results next week.
ABN says that the focus of Mediaset’s results will be on the advertising outlook for 2001, as many media are now experiencing a downturn. The company says it began the year with a stronger start than most other European broadcasters and should turn in growth of 6% for the first quarter. By comparison, ITV is likely to be 8% down in quarter one.
“In the current environment investors are likely to remain sceptical as to how long Italy and Mediaset can buck the trend,” says ABN Amro. The broker has a Reduce recommendation given the uncertainty it sees in the European broadcasting sector.
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