Press advertising performed worse than we expected in 2012, with double digit declines both last year and this year now a very real possibility.

Previously resilient areas of the press have weakened. Popular national titles have seen sharp advertising declines, while faltering circulation in celebrity magazines exposes an underlying decline in demand.

Retail and services advertisers continue to pull spend from print, largely in favour of online, though TV is also very resilient. Industry efforts to offset these structural shifts include the development of trading platforms, further consolidation and a number of commercial editorial tactics.

Neuf Cegetel will make an initial public offering (IPO) on Euronext Paris on 25th October. Proceeds of about €847 million are expected (if the ‘green shoe’ option is fully exercised and the price is set in the mid-range), of which about €250 million will be fresh money to finance the acquisition of AOL FR and other properties, and the rest mainly to founder Louis Dreyfus and exiting shareholder Suez. SFR (controlled 56/44 by Vivendi/Vodafone) will maintain its stake at 40.6%. The resulting float should be 20.3% of equity