The Mediaset television empire founded by Silvio Berlusconi says its profits rose 29 percent last year.
Mediaset reported 2010 net profits of euro352 million ($497 million) on Wednesday, up from euro272.4 million a year earlier.
Italy's largest private broadcaster said its net profit would have been euro431.6 million if not for writedowns related to TV production company Endemol.
Mediaset Group revenues rose 10.5 percent to euro4.3 billion. Net profit in its main market Italy, where it has three general channels plus a premium pay TV service, rose by 30 percent to euro350 million. In Spain, profits were up 45 percent to euro70.5 million.
Mediaset shares rose 1.47 percent to euro4.57 in Milan trading.