Mediaset 1H17 - Strong EBITDA improvement in Italy, more to come next year
Mediaset, #1 broadcaster of free-to-air commercial TV in Italy and Spain, reported encouraging preliminary 1H17 results. Consolidated revenue declined by 1.3% to €1,846m. In Italy (72% of total revenue), revenue was broadly stable at €1,338m. Mediaset increased its total advertising revenue by 2.2% and improved its market share by 140bps vs. 1H16, leveraging its leading audience market share of 35.6% on the 16-64 years segment. Mediaset Premium (pay TV) revenue continued to decline, to €300m (-2.8% yoy), but with nonetheless some signs of improvement in the second quarter. Management affirmed its €600m revenue target for 2017. In Spain (28% of total revenue), revenue was down by 2.5% to €509m, to a large extent because of a strong period of comparison last year with the Euro 2016 tournament in June...
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