RTL Group, the owner of American Idol outfit Fremantle, has downgraded its full-year financial expectations following a tricky six months during which group profit tumbled by more than 50%.
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Bertelsmann-owned RTL, which owns Fremantle, streamers RTL+ and Videoland, linear channels acrosss Europe and publishing assets, has therefore downgraded its full-year revenue targets from the €7.3B-to-€7.4B mark to around €7B, which would mean a small loss rather than minor gain as originally forecast. Adjusted EBITDA targets have dropped from the €1B-to-€1.05B mark to circa-€950M, which would again mean a small loss on the prior year.
The downgrades are reflective of a wider TV and film market being impacted by global macroeconomic shocks along with the strife in the U.S. Big European players such as Germany’s ProSiebenSat.1 and Scandinavia’s Viaplay have recently implemented big layoffs. The former’s second-quarter earnings
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