RTL Group : Q1 driven by good advertising trends but impacted by Fremantle
>Neutral opinion reiterated - RTL Group has reported this morning Q1 sales of € 1.32bn, below our forecast and the consensus estimate (€ 1.38bn and € 1.36bn respectively). This was mainly due to the unexpected decline at Fremantle (-9.2%). The group did not break down its performance by country. TV advertising sales grew by 10% in Q1, slightly above expectations. As a reminder, M6 (20% of sales) had already reported its Q1 sales. The start of the year was fairly solid...RTL Group is a holding company. Co. through its subsidiaries is engaged in the operation of television and radio broadcasting services, television content production and distribution. Co. has interests in 40 television channels and 33 radio stations in 11 countries. Co. is involved in television content production, such as talent and game shows, drama and daily soap operas, through its subsidiary, FremantleMedia. Co. also provides services in the digital entertainment environment, including online games, community and dating services, as well as user-generated content exchange platforms.
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