Gloomy outlook for TF1


French broadcaster TF1 has spooked investors with a gloomy outlook as the economy worsens and it slashed its dividend, sending shares in the country’s leading commercial broadcaster down by as much as 18 per cent. TF1 said that 2009 sales would fall 9 per cent, three times more than analysts expected, and that it would halve its 2008 dividend after reporting a 42 per cent slump in operating profit amid falling advertising revenue.