UK markets closed
  • NIKKEI 225

    26,215.79
    +278.58 (+1.07%)
     
  • HANG SENG

    17,079.51
    -143.32 (-0.83%)
     
  • CRUDE OIL

    83.28
    +3.79 (+4.77%)
     
  • GOLD FUTURES

    1,703.80
    +31.80 (+1.90%)
     
  • DOW

    29,488.72
    +763.21 (+2.66%)
     
  • BTC-GBP

    17,344.12
    +227.96 (+1.33%)
     
  • CMC Crypto 200

    444.94
    +9.58 (+2.20%)
     
  • ^IXIC

    10,805.14
    +229.53 (+2.17%)
     
  • ^FTAS

    3,773.80
    +10.32 (+0.27%)
     

ProSiebenSat.1 acquires 100% of the shares in the streaming platform Joyn and therefore adjusts the outlook

·3-min read

ProSiebenSat.1 Media SE / Key word(s): Takeover/Change in Forecast
ProSiebenSat.1 acquires 100% of the shares in the streaming platform Joyn and therefore adjusts the outlook

13-Sep-2022 / 09:27 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Unterföhring, September 13, 2022. ProSiebenSat.1 Media SE acquires the outstanding 50% of the shares in Joyn from Warner Bros. Discovery.

For the outlook of the financial year 2022 of ProSiebenSat.1, revenues of around EUR 4.375 billion remain unchanged with a variance of plus/minus EUR 75 million (previous year’s figure adjusted for currency and portfolio effects: EUR 4.333 billion) despite the first-time full consolidation in the fourth quarter.

At the same time, ProSiebenSat.1 expects a reduction in adjusted EBITDA of around EUR 25 million for the financial year 2022 due to the first-time full consolidation of Joyn (previously, the 50% share in the company was reported at equity in the financial result) and is adjusting its full-year outlook for adjusted EBITDA accordingly to a value of EUR 780 million, with an unchanged variance of plus/minus EUR 25 million (previously EUR 805 million plus/minus EUR 25 million).

In addition, one-time expenses of up to EUR 20 million will be incurred in financial year 2022 due to efficiency measures in the Group's streaming activities but will have no further impact on ProSiebenSat.1's adjusted EBITDA. These efficiency measures as well as revenue synergies will lead to adjusted EBITDA improvements of around EUR 35 million per year from 2023 onwards. As a result, ProSiebenSat.1 expects a negative impact on adjusted EBITDA of only around EUR 40 million in the financial year 2023 and of only around EUR 25 million in the financial year 2024 due to the full consolidation of Joyn. The Group also expects a positive earnings contribution to adjusted EBITDA by the 2025 financial year at the latest.

The Group expects adjusted net income after full consolidation of Joyn for the financial year 2022 to be approximately at the level of the previous year (previously: at or slightly above the previous year's level; previous year: EUR 362 million). In line with its dividend policy, ProSiebenSat.1 therefore expects to be able to pay a dividend for the financial year 2022 also at the previous year's level (for 2021: EUR 0.80 per share). Due to the full consolidation of Joyn, the Group does not expect any negative impact on adjusted net income in the financial year 2023. In 2024, a significantly positive contribution to the Group's adjusted net income is already expected.

Joyn GmbH also has income tax loss carry-forwards from the period of the joint venture of well over EUR 400 million, which could not have been utilized by ProSiebenSat.1 in this amount in the previous joint venture. Due to the expected possible utilization of these loss carry-forwards accumulated before full consolidation, the Group will realize an income tax benefit from the transaction of well over EUR 100 million in the coming years.


Contact:
Stefanie Rupp-Menedetter
Head of Group Communications & Events

ProSiebenSat.1 Media SE
Medienallee 7 · D-85774 Unterföhring
Phone +49 89 950 725 98
Mobile +49 17 283 527 03

Stefanie.Rupp@prosiebensat1.com

13-Sep-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

ProSiebenSat.1 Media SE

Medienallee 7

85774 Unterföhring

Germany

Phone:

+49 (0)89 9507-1463

Fax:

+49 (0)89 9507-91463

E-mail:

Dirk.Voigtlaender@ProSiebenSat1.com

Internet:

www.prosiebensat1.com

ISIN:

DE000PSM7770

WKN:

777117

Indices:

MDAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange

EQS News ID:

1440853


 

End of Announcement

DGAP News Service

show this
show this