To encourage investors, TF1 announced continued diversification of group revenues from reliance on the flagship TF1 channel, and an increase in group Ebitda from 16% in 2007 to 20% in ‘4-5 years’. Accelerating audience share decline at the TF1 channel indicates that new programming is also urgently required to maintain TF1’s ‘premium’ for advertisers
Microsoft’s $44.6 billion offer for Yahoo! represents the software giant’s last opportunity to compete with Google in the rapidly growing market for online advertising, which is forecast to double to $80 billion within three years
Distribution growth improved considerably (retail grew 13% versus 8% last quarter), with strong contract sales more than counteracting a relatively weak prepay performance
Rumours that Google was acquiring Yell emerged at the end of last week, but we doubt the search giant would be interested in purchasing a traditional media company, particularly not one predominantly in print