Shares in French media group Lagardere have plummeted after the group posted a net loss of €700 million for 2011. Lagardere had last month announced €900 million in provisions to account for the poor performance of sports and pay TV operations in the second half of last year.

The group had also written down the value of a 20 per cent holding in Canal+ France, a pay television channel, which along with Europe 1 is part of its broadcast media activities.

Company president Arnaud Lagardere insisted that aside from its sports business, which he called an “accident”, the company performed well in 2011.

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