Modern Times Group has reported a 2% increase in half year revenues of SEK6.8 billion (€800 million).
The broadcaster’s year on year pre-tax profit for the six months to end-June fell to SEK1.2 billion from SEK1.4 billion a year earlier.
The company’s advertising supported channels are suffering from the effects of reduced spending, but MTG management said the impact of reduced ad revenues are being offset by subscriptions revenues from its pay TV operations.
Hans-Holger Albrecht, company president and CEO, said: “The second quarter results again demonstrate the benefit of our integrated business model, with the long term growth in our subscription funded pay TV businesses offsetting the short term decline in our advertising funded free-TV businesses.”
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