The Week: City news - RTL hit by ad slowdown

RTL, which owns five, has blamed the advertising slowdown and "adverse" currency fluctuations for operating profits being down 2.5 per cent in the first half of 2008.

Earnings before interest, tax and amortisation were EUR502 million (£398 million), revenue fell 0.9 per cent to EUR2.86 billion and net profits were up 9.2 per cent to EUR391 million. Gerhard Zeiler, the RTL chief executive, also revealed that Dawn Airey will take up her new role as the chief executive of five at the end of October, just six months after resigning from ITV, where she had worked for eight months as the director of content.