TF1 : Very good Q2 in advertising and programming costs slightly higher than expected
>Good Q2 driven by advertising but programming costs fairly strong - TF1 reported Q2 results yesterday that were in line with our expectations with EBIT of € 112m whereas we looked for € 113m and the consensus for € 84m. Growth in advertising revenues in Q2 came to 71% (we expected +61.0%), confirming the good advertising momentum for TV media in Europe and specifically in France. Note that M6 reported 84% growth in advertising revenue yesterday. However, programming ...Television Francaise 1 is a French general-interest television channel. Co. is an integrated communications group. Its activities cover the whole of the audiovisual industry: upstream in production, acquisition and sale of audiovisual rights and also in distribution of feature films to cinemas; downstream in sale of advertising space, and publishing and distribution of DVDs and music CDs. Co. is also engaged in home-shopping TV with Teleshopping, and pay-TV market. In addition, Co. produces multimedia content. Its activities can be divided into four sectors: Broadcasting France, Broadcasting International, Audiovisual Rights and Other Activities.
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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