Prosiebensat 1 Media SE Q3 2020 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Annick Tonie Maas - Exane BNP Paribas, Research Division - Analyst : My first question is on programming costs going into next year. Assuming the ad market is somewhat recovering, how shall we think about programming cost? How many of the costs that you were able to save this year are recurring and how much are not? The second one is, I'm referring here specifically to Flaconi, you suggested that in due time, if you're not right owner of some of your assets, you can be monetizing them. I guess, could you give us an idea on where we are on the time line regarding Flaconi, but also the other divisions in NuCom? And then if you could give us the SevenVentures revenues for Q3? And finally, just regarding Q4, do you see that there is a share reallocation for maybe other media channels back into TV when you speak to advertisers? Are there new advertisers that previously weren't with TV and have now decided to come back? Or is it really just the typical advertisers you've dealt with before?

Question: Sarah Simon - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : I've got 3 questions. Firstly, just now you've sold WindStar, which I think everybody was positively surprised by in terms of, a, the profitability and, b, the valuation. How are you feeling about things like Amorelie and mobile and Stylight, which we don't really hear so much about? Do you think those are as key to you as Flaconi at the moment? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 05, 2020 / 8:30AM, PSMGn.DE - Q3 2020 Prosiebensat 1 Media SE Earnings Call Second one was on TV. I mean I think we've all got the sense that November is looking pretty good. And if we think about last year, you're obviously willing to sacrifice a bit of profitability to accelerate the growth of Flaconi. Would you be open to putting a bit more money back into, say, marketing or programming if the advertising comes in better? Or should we just assume that if advertising is better, it all drops to the bottom line? And then just quickly on disposals. You were obviously trying to sell your non-German studios business and put a pause on that. When should we expect that transaction to kind of restart?