WRAPUP 3-European media firms flag gloomy ad outlook

* RTL sees profit "considerably lower" in 2009

* Telecinco Q1 profit down 64 percent, beats forecasts

* Sanoma Q1 EBIT down 64 percent, unveils further cost cuts

* Telecinco shares up 1.3 pct, Sanoma down 0.9 pct

* UBM says trading resilient in exteremely challenging times

(Adds Telecinco CEO comment in paragraph 7)

By Elisabeth O'Leary and Nicola Leske

MADRID/FRANKFURT, May 7 (Reuters) - European media firms signalled a gloomy 2009 outlook on Thursday, with economic weakness sapping advertising revenues and forcing cost clampdowns.

RTL AUDK.LU, majority held by Germany's Bertelsmann [BERT.UL], said it expected profitability this year to be "considerably lower" than last year and that it would cut costs across its European TV and radio businesses. [ID:nL7976884]

The Luxembourg-based broadcaster downgraded its profits expectations after saying in March that profitability would be lower than the previous year's level.

It cited a broad-based fall in profit and restructuring costs.

Spain's Telecinco (TL5.MC), controlled by Italy's Mediaset (MS.MI), said its first-quarter profit fell 64 percent to 29.26 million euros ($38.98 million), hit by lower advertising revenues.

Although the result beat analyst forecasts in a Reuters poll [ID:nL7525915], shares closed down 5.1 percent at 7.41 euros after Telecinco executives expressed caution on the advertising outlook during a conference call.

Chief Executive Giuseppe Tringali later told Reuters that based on its audience outlook, it would stretch its lead as Spain's largest TV company by revenues in the second quarter. [ID:nMDT006357]

Media firms have been grappling with a sharp fall in advertising, their main revenue source, as the recession and rising unemployment across Europe keeps wallets closed and advertising budgets tight.

"The situation of the (Spanish) TV ad market has been very negative. According to our estimates it has dropped by almost 27-28 percent in the first quarter," Massimo Musolino, Telecinco's general manager, told a conference call.