ProSiebenSat.1, a company listed on the SDAX, delivered an unexpectedly strong first quarter despite challenges in the TV advertising market. With a revenue increase of six percent to 867 million euros, the television group significantly exceeded analysts' expectations, as reported from Unterföhring on Monday evening. The growth was mainly driven by the success of the streaming service Joyn and the smaller but profitable e-commerce segment.

The adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) improved by about one-third to 72 million euros. The adjusted consolidated net income reached 8 million euros, after a loss of 15 million euros was recorded in the previous year’s period.

The positive development was also reflected in the share price, which rose by one percent on the Tradegate trading platform. ProSiebenSat.1 confirmed its annual forecast, which anticipates total revenues between 3.8 and 4.1 billion euros and an EBITDA between 525 and 625 million euros. The full quarterly figures are to be published on May 14.

The company also announced that, as part of cost-cutting measures, over 500 full-time positions have already been eliminated and annual costs reduced by 100 million euros gross. Group CEO Bert Habets stated that further cost reductions and possibly more staff cuts are also planned for the future.

The focus is particularly on the upcoming general meeting on April 30, where the planned split of the media group into two publicly listed companies will be voted on. The major shareholder MediaForEurope (MFE) is pushing to separate the core business around TV and streaming from peripheral activities such as Flaconi, Verivox, Billiger-Mietwagen.de, and ParshipMeet. Skeptics see this as an attempt by the Italians to secure the profitable parts of the company without having to take over the less interesting business areas. MFE, which holds almost 30 percent of ProSiebenSat.1, had already demanded the spin-off of these segments in the past to create "added value.