Mediaset, the Italian broadcaster controlled by the country's former prime minister Silvio Berlusconi, has posted a 36% drop in profits.
Its 2011 net profit fell to €225m (£188m) as advertising at its channels in Italy and Spain continued a downward trend amid a harsh economic climate. Its revenue fell by 1%.
The company also warned that it expected net profit to be even lower for 2012, unless the ad market is boosted by the European football championships and the London Olympics.
While Mediaset's free-to-air channels are suffering shrinking audiences, Mediaset Premium, which competes with Rupert Murdoch's Sky Italia paybox, ended the year with revenue up 14% to £515m.
Meanwhile, Berlusconi's personal income rose 20% in 2011 to £40m.
Source: Chicago Tribune
