Reorganization announced: ProSiebenSat.1 lays off around 400 people in Germany

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ProSiebenSat.1 is looking to lay off around 400 people in Germany this year. A spokesperson for the listed media group said Tuesday in Unterfoehring, near Munich, that this equates to about one-tenth of a job in the entertainment core business and holding company.

The group had announced a reorganization after it completely took over the Joyn streaming platform in the fall of 2022. ProSiebenSat.1 has made them the focal point of the entertainment business.

According to the company, the organization is being restructured, especially in the entertainment segment. The group said the goal is “a more efficient structure, a competitive cost basis, and processes that are clearly geared towards digital transformation.”

About 400 full-time positions will be reduced in a socially responsible way through a volunteer program. The company wants to avoid layoffs “as much as possible”. For example, vacancies should not be filled.

In the past, ProSiebenSat.1 significantly expanded its information offerings and established new studios for programs for ProSieben, Sat.1 and Kabel eins channels. Since this year, the news is still produced in-house, before that it was bought outside from the Axel Springer brand “Welt”. A spokesperson for the company said the information space was not affected by the outage plans.

The group intends to lay off 35 people this year in the Austrian market. 550 employees work there.

The layoffs came at a tumultuous time for the ProSiebenSat.1 group, which runs the internet commerce and dating platform business in addition to TV stations and broadcast services. The advertising market has been weak for a long time. For 2023 as a whole, ProSiebenSat.1 management expects sales between 3.95 and 4.25 billion euros.

There has also been a lot of change in management. In the fall of 2022, Bert Habets, who previously held the top spot on rival RTL, moved up to the top spot. Rainer Beaujean left by surprise. Since then, the departure of board members from the finance and entertainment areas has also been announced.

In addition, the actions of the Group Executive Board for the 2022 fiscal year have not been approved by the shareholders, and this is not expected until 2023. The background is an ongoing internal investigation into possible discrepancies in subsidiary coupon business Jochen Schweizer mydays. This relates to the investigation of any misconduct linked to regulatory matters at the subsidiary.

The Supervisory Board reserves the right, if necessary, to review claims for compensation against members of the Board of Directors. According to ProSiebenSat.1, the Federal Financial Supervisory Authority (Bafin) and the Munich prosecutor’s office were involved – neither authority has recently provided any definitive information at the request of the German Press Agency.

(SDA)

Source :Blick