MFE looks to Italy and Spain for advertising growth
NOVEMBER 23, 2023 13.22 EUROPE/LONDON BY JULIAN CLOVER

MediaForEurope (MFE) reported a slight increase in profitability for the nine months to September as lower costs countered falling advertising sales.

It recorded bet revenues of €1,862.2 million and profits of €71 million.

MFE has a significant presence in the Italian and Spanish markets and has continued to build a stake in Germany’s ProSiebenSat.1 Media.

The company is hopeful that higher advertising revenues in Italy and Spain – as opposed to the rest of Europe – will provide a welcome boost. In October, advertising revenues in Italy grew by 8% compared to October 2022.

In Spain, despite continuing political uncertainty following the July elections, advertising revenues in October nonetheless outperformed those of the first half of the year. In recent weeks, the political events have created fresh uncertainty and volatility in consumer spending and the advertising market.