The rollout of the strategy presented at the end of 2011 is now gaining momentum. Online activities, including video production, show growth in revenues; the strategic Metro and Megastar acquisitions are keeping revenues flat and the cost reduction programmes are resulting in lower autonomous operating expenses. Due to the impact of the persistently weak advertising market, the recurring EBITDA continues to decline (-28% compared to the third quarter 2011). However, the decline is less pronounced than it was in the first half of the year (-48%). Read more about TMG takes further steps in third quarter to implement its new strategy