French Network M6 Addresses Coronavirus Crisis’ Impact on Revenues
Following TF1’s announcement that it gained’t supply monetary forecasting this yr, France’s second largest industrial community, M6, stated it has additionally been significantly hit by the drop in promoting revenues attributable to the coronavirus pandemic.
M6 stated “the cancelations and delaying of promoting campaigns may have a significative influence on revenues, notably in the course of the second quarter.” M6 will give additional data on its promoting income and financial savings plan in its subsequent monetary report on April 28.
As a way to deal with the implications of the disaster, M6 has “taken the mandatory measures to cut back the prices, notably the price of its programming slate except for the suspending of sports activities occasions such because the Euro 2020.” The group additionally stated it will quickly cut back its workforce.
Together with the decline in promoting revenues, M6 stated it had additionally been affected by the shutdown of manufacturing and distribution of flicks carried on by its subsidiary SND, in addition to the manufacturing of TV packages dealt with by its different firms — Studio 89, C Productions and Golden Community. “Nearly all of the productions and broadcasting have been halted and might be postponed,” M6 stated.
Whereas shoots have stopped in the course of the nation’s lockdown, M6, like TF1 and the general public broadcaster France Televisions, continues to be filming newscasts and choose TV magazines throughout the TV, radio and digital companies owned by the group.
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M6 stated it nonetheless has entry to credit score traces and is finalizing the sale of its German subsidiary iGraal to International Financial savings Group for 35 million Euros.
“The power and variety of M6’s mannequin, in addition to the willpower of its collaborators will enable (M6) to arrange for a strong jump-start after the tip of the sanitary disaster,” the corporate stated.