MAY 1, 2002
TV companies hammered
THE current problems for television companies were highlighted on Tuesday afternoon when shares in Vivendi Universal, M6 and TF1 TV stations in France dived after the publication of reports saying that advertising revenues are going to remain weak. M6 lost 6.8% of its value, TF1 was slashed 6.4% and Vivendi tumbled by 5.8%.
TF1 has invested heavily in sports buying the terrestrial rights to Formula 1 and the forthcoming World Cup soccer competition but has yet to fill its advertising slots for the World Cup, which is now only weeks away.
Vivendi Universal is the owner of Canal Plus, which owns the pay-per-view rights for Formula 1 in France and a number of other important markets.
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