Bertelsmann: Black figures thanks to savings program
Bertelsmann is back in the black. Europe's largest media conglomerate posted a profit of 87 million euros between July and September.
This is almost four times as much as in the same quarter of the previous year, Bertelsmann announced on Wednesday, according to SDA. Revenues fell by 4.5 percent to 3.6 billion euros. In the first half of the year, the Group posted a net loss of 333 million euros due to weak advertising markets and high goodwill write-downs. As a result, Bertelsmann initiated the largest cost-cutting program in almost 175 years of company history. The television subsidiary RTL Group had reported an initial recovery in the advertising markets the previous day.
