ProSieben Profits Touch $100M In Q2 As “Efficiency Measures Take Effect,” German Giant Says

“Measures to increase efficiency are taking effect,” German giant ProSiebenSat.1 said today as profits rose 14% in the second quarter to €91M ($100M) and turnover grew slightly.

The TV and streaming group, which recently survived a boardroom battle, said growth targets remain in place for the end of 2024 after a difficult past 12 months.

ProSieben, which owns channel groups, streamer Joyn and production outfits, saw turnover rise by 5% in Q2 to €907M, bringing half year turnover up to €1.77B. Revenue in the entertainment segment increased slightly to €612M.

Adjusted EBITDA shot up 14% to €91M, which the group said “underlines that the measures to increase efficiency are taking effect.”

It pointed to gains at streamer Joyn, with AVoD revenues boosted by 25% and the total viewing time on the streaming platform rocketing by 38%.

“We are pleased with our business performance in the first two quarters of the year,” said Bert Habets, group CEO. “Our strategy to focus on entertainment with increased content investments while continuing to implement operational cost efficiencies is starting to pay off. We will establish Joyn as the leading super streamer that is free for everyone in the German-speaking region.”

In its forward-looking outlook section, ProSieben said the group’s adjusted EBITDA expectation is on track to hit €575M as it continues to target weighty turnover gains to €3.95B.

The improved results come just over a year after it announced it would be cutting around 400 roles in a difficult economic environment as it targeted becoming a digital-first operation. What followed were a rocky few months, including the narrow rejection of a plan that would have seen the business split up. Shareholders MediaForEurope (MFE) and PFF IM had called for management at the German TV giant to explore a proposal to separate the core broadcasting and content business from its Commerce & Ventures and Dating & Video segments.