Mediaset Spain earns 95 million, 11% more, but reduces revenue due to advertising break

Mediaset Spain won 95 million euros, which means improving a 11.2% your net profit for the first semester. According to data provided by the publishing company of Telecinco and Cuatro to the National Securities Market Commission (CNMV) this result represents a margin on net income of 22.9% and represents earnings per share of 0.30 euro.

These profits were produced by the increase in the sale of content and the reduction of costs, which managed to compensate for the drop in income. Mediaset reduced its revenue by 2% during the half-year with 415.2 million euros due to the decline in billing by advertising, which was 5%. This newspaper has already warned of the break published on television only in the second quarter of the year reduces income from this support by 10%.

Of these revenues, 385.8 million corresponds to gross advertising revenue there 46.8 million to ‘Other income’game who increased by 30.5% and which includes, among others, those of the sale to third parties of the distributor of the Mediterráneo group Mediaset España, of the subscription platform Mitele PLUS and of the cinematographic activity of Telecinco Cinema, which made its theatrical premieres MalnaZidos.

Ebitda of Mediaset

Mediaset Spain registered 368.6 million in advertising revenue from the marketing of their own media there 17.3 million to that of external mediaa business sector that increased by 60.5%Compared to the same period of the previous year. The television group compensated for part of this fall with a 10.3% reduction in operating costs.

The EBITDA of the company (gross operating result), on the other hand, amounts to 106 million, which represents a net income margin of 25.5% and a decrease of 6.1% compared to the same period last year. In the first half of 2022, the group achieved a cash generation 114 million and closed the month of June with a positive net financial position of 366.4 million.

In mid-July, Media For Europe (MFE), the parent company of the company, carried out its takeover bid (OPA) for the group and managed to control 82.9% of the capital of Mediaset España. The objective of holding is to exclude it from the Spanish stock market in the coming weeks, so these results could be the last half-year results to be released independently on Spanish markets.

Italy’s takeover bid

The shares that accepted the offer reached 85,263,873, which represented 61.45% of the shares targeted by the takeover bid and 27.23% of the share capital of Mediaset España. If we add to this the stake that Media For Europe already held in its Spanish subsidiary – equivalent to 174,402,718 shares and 55.69% of its share capital – the Berlusconi group currently holds 82.92% of the capital. Acceptance fell short of targets due to the weakness of the offer to acquire these shares.

According to the tender offer brochure, the effectiveness of the offer was conditional only on its acceptance by at least 91,788,505 shares of Mediaset España, representing 29.31% of its share capital, which, with 55, 69% of the share capital already held by Media For Europe, would allow the group to reach a minimum participation of 85% in the share capital.

Therefore, at the beginning of July, Media For Europe confirmed that it was waiving the minimum acceptance condition in the terms described in the brochure and, therefore, “acquire all of the shares having accepted the offer, i.e. 85,263,873 shares of Mediaset España, representing 27.23% of its share capital“.

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