M6 : Challenging advertising market in Q4 but flexible model
>Advertising contraction of 3.4% in Q4 - M6 reported its 2019 results yesterday evening. They came in below expectations, with 1/ Q4 advertising revenues down 3.4% compared with our target of 1% and, 2/ EBITA of € 284.4m (vs € 269.7m estimated), thanks in particular to tight control of TV programming costs, which once again confirms the increased flexibility of the model. As with TF1, advertising momentum was therefore soft, due in particular to strikes in Q4. The gr...Co. is engaged in the media industry, primarily television edition & broadcasting. Co.'s operations can be divided into three segments. In the Free-to-Air segment, Co. operates a Free-to-Air terrestrial TV network, financed exclusively by advertising. In the Digital TV segment, Co. broadcasts many digital channels. In the Diversification & audiovisual rights segment, Co. purchases audiovisual rights. Co. is also engaged in distance-selling business, allows viewers to play an active role in the unfolding of programs proposed to them, develops mobile phone content; publishes a family of websites, organizes events & shows, & manages football Club des Girondins de Bordeaux.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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