Bertelsmann's 9M revenue rises despite weak TV ad market

Bertelsmann SE & Co KGaA

08/11/2023 07:30

Nov 8 (Reuters) - Bertelsmann  BTGGg.F  on Wednesday
reported higher nine-month revenue as income from its
publishing, music, services, and education businesses offset
weak TV ad sales at its biggest unit broadcaster RTL.
    For the year through September, revenue stood at 14.6
billion euros ($15.59 billion), up from the previous year's
figure of 14.4 billion euros, the German media, services and
education conglomerate said in a press release.  
    RTL  AUDK.LU   RRTL.DE , Bertelsmann's biggest subsidiary
which brings about a third of profits, earlier today cut its
annual guidance for a second time this year after reporting
lower year-on-year revenues, weighed down by a weak advertising
market. 
    "Despite an overall social situation that continues to be
challenging, a circumstance that is particularly felt in our TV
advertising business, we have achieved a new revenue record,"
said Bertelsmann's chief executive Thomas Rabe, who is also a
head of RTL Group.  
    The main growth drivers in the period were Penguin Random
House publishing group, music company BMG, the Arvato services
business and the Bertelsmann Education Group, the German firm
said.

($1 = 0.9367 euros)

 (Reporting by Andrey Sychev and Louis van Boxel-Woolf; Editing
by Maria Sheahan)
 ((andrey.sychev@thomsonreuters.com;
louis.vanboxel-woolf@thomsonreuters.com))