Mediaset's Adreani says 2007 advertising revenues to benefit from 2006 contracts |
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Fri, 02 Mar 2007 12:27
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MILAN (AFX) - Mediaset SpA's CEO Giuliano Adreani said that advertising revenues in 2007 will benefit from important contracts signed in 2006.In an interview with an Italian TV station, Adreani said Publitalia, the advertising arm of Mediaset, had signed three long-term contracts with leading international advertising agencies in 2006 which will strengthen Publitalia's leadership of the Italian advertising market.Adreani said the revenues relating to these contracts will be booked in 2007.The CEO also said that in 2007 Mediaset will not suffer the negative impact last year's World Cup and Winter Olympics had on the group's 2006 advertising revenues. Mediaset did not have the TV rights for those events.Adreani also said Publitalia's subsidiary Publieurope is in talks with a Chinese TV channel for world advertising rights, excluding China, with regard to the Beijing Olympics of 2008.'We are also negotiating the possibility of buying (a) stake in the Chinese TV channel,' he said.Mediaset shares plunged in morning trade after releasing full-year results which showed net profits had fallen to a preliminary 505.0 mln eur from 603.4 mln a year earlier, due to weak advertising revenues in Italy.The stock was downgraded to 'hold' from 'buy' by Deutsche Bank, and cut to 'neutral' from 'overweight' by JP Morgan.stephen.jewkes@thomson.comsj/cmrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Mediaset FY net slips to 505 mln eur vs 603, div 0.43 per share, unchanged 