Caution Hits The European Media Sector

ITV plc, Britain's biggest listed free-to-air broadcaster, cautioned on slowing advertising revenues in the first half of the year, heaping further pressure on European media stocks.

In a trading update published Wednesday, ITV said ad revenues for the first three months of the year fell 9% to £393 million ($509 million) and warned the first half slide could be as much as 15% to 20% thanks to the lack of a major sporting event on its broadcast calendar.

"ITV's overall performance and the shape of the UK advertising market are very much as we anticipated and our guidance for the full year remains unchanged," said outgoing CEO Adam Crozier.

This article was written by a staff member of TheStreet.