Italy’s top commercial broadcaster Mediaset swung to a loss in the first half of the year as revenues dropped after companies cut spending in television advertising during the coronavirus pandemic.
Mediaset, controlled by the family of former Prime Minister Silvio Berlusconi, said it lost 18.9 million euros ($22.24 million) in the first six months of 2020, compared to a 102.7-million euro net profit in the same period last year.
Operating profit at the Milan-based group was down 80% to 31.7 million euros, dragged by a drop in advertising revenues.
Mediaset said it expected its results to improve in the second half of the year provided that new lockdown measures to curb the virus will not be imposed.
