TF1 prepares new spending cuts
Pascale Paoli-Lebailly ©RapidTVNews | 20-06-2012
The management of French private broadcaster TF1 has condemned “unfounded” reports of job-cutting plan, representing 10% of its workforce.
The media group says it is not working on a voluntary departure plan, reported to be called “Fitness” but on a new spending cuts program.
It is true however that even though it is not losing money at the present time, TF1’s stock exchange value has been beneath M6’s for a few days. In May 2012, TF1 posted a €36.4 million net profit for Q1 of 2012, showing a 24.5% decrease compared to the previous year.
TF1 group reiterated its assumption of stable consolidated revenue over 2012 as a whole, with priority given to cost control. Its objective is to maintain controlling its programming costs, with an objective of €930 million on average over 2012 and 2013. However, the economic climate remains unstable, and TF1 channel ad revenues set back 4 % on Q1 of 2012 over the year.