Modern Times Group (MTGA) AB, Sweden's largest publicly traded media company, lost 16 percent of advertising revenue, excluding discounts, in October at its TV3 television channel in Sweden, market researcher Sifo said.
Rival channel TV4 fell 3 percent, while Kanal 5 lost 5 percent, compared with the same month a year earlier, Stockholm- based Sifo said today. TV3 ad revenue has tumbled 10 percent this year, the research showed, based on gross sales.
``The measurement by Sifo is only a volume figure that doesn't take into account any discounts,'' Modern Times Group spokesman Bert Willborg said in a telephone interview. ``It doesn't show the revenue of the channel.''
Stockholm-based Modern Times Group, which has expanded in the Czech Republic, Russia and Slovenia to spur growth as the Scandinavian advertising market stalls, is considering additional purchases in eastern Europe and Africa. The company raised its financial targets in June and forecast revenue will be 20 billion kronor ($3.2 billion) in 2011.
The company's shares fell as much as 14.50 kronor, or 3.4 percent, to 410 kronor and traded at 418.50 kronor as of 1:09 p.m. in Stockholm.
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