• by Wayne Friedman , April 30, 2019

As Nielsen Holdings continues its business “strategic” review process, first-quarter financials posted lukewarm results, with declines in revenues and net profits.

Nielsen's first-quarter revenues were down 2.9% to $1.6 billion, with net income to the company down 40% to $43 million, due to “higher restructuring charges, higher depreciation and amortization and the phasing of strategic initiatives.”

Most of the revenue decline was attributed to its marketing-services losses. Its Connect unit sank 6.2% to $737 million, with its Media unit -- including audience measurement -- virtually flat, up 0.2% to $826 million. A large part of its Media unit -- audience measurement -- rose 1.5% to $605 million.

Taking out currency fluctuations made for better results with Connect, just down 0.7%; with its core audience measurement unit up 2.2%.

Todd Juenger, media analyst of Bernstein Research, says there were no surprises, as much of this was expected: “Operationally, how refreshing to once again have a clean, in-line quarter,” adding “at this point, the conclusion of the strategic review must surely be near.”

In early Tuesday morning trading, Nielsen stock was trading virtually flat at $25.38.

CNBC reported earlier this month that two private-equity groups are considering bids for Nielsen: Advent International, working with Goldman Sachs Group and Apollo Global Management. At the same time, earlier reports said Apollo, as well as the Blackstone Group, was losing interest in Nielsen.

Nielsen began holding management presentations for potential buyers in January after naming David Kenny CEO.