RTL Group Reports Revenue Decline in Q3 Amid Weak TV Ad Market; Full Year Outlook Lowered Despite Streaming Growth
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RTL's Q3 revenue down over 10% year-on-year due to weak TV ad market and timing effects at Fremantle.
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Full year revenue expected down €100M to €6.9B, adjusted EBITA down €50M to €900M.
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TV ad revenue declined 3.7% in Q3; mid-single digit declines now expected for H2 2022.
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Streaming revenue up 21% to €236M; RTL+ and Videoland gained 1.5M paying subscribers.
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Fremantle revenue down 21% in Q3; citing lower buyer activity and strong Q3 2022 performance.