MediaForEurope's profit beats forecast as ad sales rise

Reuters

Nov 21, 2024

UPDATE 1-MediaForEurope's profit beats forecast as ad sales rise

Adds pars 3,4 with advertising sales trend

MILAN, Nov 21 (Reuters) - MFE-MediaForEurope MFEB.MI, the TV group controlled by Italy's Berlusconi family, posted on Thursday a 29% rise in its nine-month operating profit on higher advertising sales.

MFE, which runs commercial broadcasters in Italy and Spain, said its earnings before interest and taxes $(EBIT)$ rose to 126.6 million euros ($133.53 million) in the first nine months, above a company-provided analyst consensus of 115 million euros.

Total gross advertising revenue in the January-September period was up to 1.94 billion euros from 1.82 billion euros the year before, as sales maintained a strong momentum in the third quarter, the Milan-listed company said.

MFE added its advertising sales are set to rise about 5% this year, lifted by its core Italian business in the final quarter, a crucial moment for broadcasters to capture corporate advertising spending in the run-up to Christmas.

($1 = 0.9481 euros)

(Reporting by Elvira Pollina, editing by Giulia Segreti)

((elvira.pollina@thomsonreuters.com;))

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