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ProSiebenSat.1 Media Withdraws FY20 Outlook Due To COVID-19

German media company ProSiebenSat.1 Media AG (PBSFF.PK) Wednesday withdrew its 2020 financial outlook due to lack of visibility on COVID-19 related impacts and economic uncertainty for remainder of the year.

The company reported preliminary first-quarter group revenues of about 926 million euros, up 1% from 913 million euros last year.

Adjusted net income dropped to 58 million euros from 94 million euros last year.

Rainer Beaujean, Chairman of the Executive Board & Chief Financial Officer of ProSiebenSat.1 Media SE, said, "Our business was well on track until mid-March when first COVID-19 effects started to affect our performance across all segments. As the duration and full implications of the pandemic still remain uncertain, it is impossible to provide forecasts on our full-year results at this moment. Therefore, we decided to withdraw our financial outlook for 2020 as well as the 2019 dividend proposal."

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