PARIS, Aug 31 (Reuters) - Advertising spending on French television channels is holding up well, in contrast to the downbeat outlook provided earlier this week by German broadcaster ProSiebenSat.1, the head of French TV operator TF1 said on Thursday.
ProSieben’s shares and those of some of its European rivals fell sharply earlier this week after it warned that TV advertising revenues in German-language markets would decline in the third quarter.
“Seeing the German market slowing down as communicated by ProSieben is perhaps something that surprised the market and brought about this reaction which I do not think applies to our market,” said TF1 chief Gilles Pélisson, who described the French market as “resilient.”
Worries about advertising spending are also hurting the advertising agencies. Shares in WPP, the world’s largest advertising group, fell heavily last week after it cut its sales target for the second time in six months due to curbs on spending by consumer goods giants. (Reporting by Gwenaelle Barzic and Gilles Guillaume; Writing by Andrew Callus; Editing by Sudip Kar-Gupta)