Hit shows such as Pop Idolfailed to save broadcaster RTL Group from a 35 per cent slide in core earnings last year.
The group, Europe's biggest commercial broadcaster, said it expected another tough year as advertising stalls.
Huge asset write-downs related to its merger, and mostly flagged last year, also hit results, leading to a €2.5 billion loss for the broadcaster, which is 89 per cent owned by Germany's Bertelsmann.
Television and radio were particularly hard hit last year in the worst advertising downturn in recent history, as advertisers cut costly marketing in a weak economy. That forced RTL Group to make four profit warnings in 2001.
However, the group's television channels held up relatively well, posting a flat performance as new programmes such as Britain's Pop Idoland France's Pop Starsboosted ratings, partly offsetting a 13 per cent slide in radio revenues.
RTL Group's underlying revenues fell 2.3 per cent last year. In television, one of the worst performers was Britain's Channel 5 which saw a 9 per cent fall in revenues but succeeded in lifting audience share to 5.8 per cent from 5.7 per cent.