April 29, 2020 / 3:55 PM / a month ago

French TV group TF1 sees big Q2 lockdown hit as advertising revenues slump

April 29 (Reuters) - French TV group TF1 on Wednesday said it expected a very strong impact on its second quarter across all activities, due to the extended coronavirus lockdown and difficulties adjusting costs over the longer term.

The Paris-based company, which owns the country’s leading commercial channel, reported first-quarter group advertising revenues down 9.7% on the previous year, from a consolidated revenue of 493.9 million euros, down 10.8%.

TF1 withdrew its initial 2020 targets at the end of March, namely a double-digit current operating margin, and a cost of programmes of 985 million euros ($1.1 billion). ($1 = 0.9220 euros) (Reporting by Sarah Morland in Gdansk; Editing by Hugh Lawson)

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