Europe is varied, and fragmented. But it's not dire yet for various reasons - a lot has to do with the fact the media there is fed by taxpayer money. Even the private channels. The EU doles out tax money as subsidies, and countries' governments do that too separately. Whether anyone watches or not they throw money. The rating trends with the young are the same, and in some ways worse than the US. Add to that the fact that star anchors rarely if ever make 6-7-8 figure salaries, there are no networks to bleed the retrans fees from cable, and sport isn't eating up the budgets to the same level. The NFL bags $13B/yr in broadcast rights, the NBA $2.7B. UEFA is around $3B/yr for broadcast rights and unlike the US, various channels acquire the rights some of which operate like an HBO does. In Eastern Europe, where I'm from originally, will have some games air on broadcast but a lot of the games will be on a pay channel in the style of HBO that sits on top of your cable/satellite subscription. If not fans pull up some foreign satellite channel out of Germany/Italy and watcht that way
I was talking to a friend in the biz the other day, and he said they're surviving because they aren't news focused. EU broadcast TV has never been news-focused like the US. bTV/NovaTV in Bulgaria has 2hrs of a GMA-like morning program, then it's coffee talk, gossip, cheap Turkish and Indian soaps until 6pm with a few minutes of noon news, and a 1 hour in-studio political program. The 6-7pm news follow and then it's Masked Singer or whatever bullshit show is on with another 10-15 minutes of news at 11pm. So 3-ish hours of news total in a weekday.
Overall the trends of the young not watching are the same or worse as the US. At least for Eastern Europe they're worse, we're leaping right into social medial and our young people are constantly out with their friends. On weekends especially.