After two quarters that have fallen short of earlier guidance, TF1 Q3 results have at last met more subdued investor expectations of marginal growth in flagship TF1 channel advertising revenues in a total market expected to increase by about 4.5% in 2007, chiefly due to digital growth
Rising audiences for Cuatro in a booming TV advertising market have unexpectedly lifted Sogecable earnings in H1 2007, encouraging confidence that Cuatro will achieve breakeven in 2008, if not in 2007
The Guardian Media Group (GMG) sale of a minority stake of Trader Media, publisher of AutoTrader, in 2007 is well timed to maximise its price, given the preponderance of downside risks to classified print adverts
With 84,000 net pay-TV additions in 2006, Sogecable resumed subscriber growth, but we expect this pace to decline in 2007 unless Sogecable re-positions on basic and expands distribution from satellite to cable and DSL