Mediaset intensifies cost cuts after first quarterly loss ever
MILAN Nov 13 (Reuters) - Italy's biggest broadcaster Mediaset intensified its cost cutting programme on Tuesday when it posted its first-ever quarterly loss, as an economic recession and pay-TV competition take their toll.
The group, owned by former prime minister Silvio Berlusconi, said in a statement it would boost its three-year cutting plan started in 2011 to 450 million euros ($572 million) from 250 million euros previously.
Net loss was 88.4 million euros in the quarter and nine-month net loss was 45.4 million euros, the statement said.
A recession in its two main Italian and Spanish markets dragged nine-month revenues down to 2.65 billion euros from 3.04 billion euros, while its pay-TV business was hit by competition from News Corp unit Sky Italia and high content costs.