Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Germany's ProSiebenSat. 1 to cut 400 jobs in push towards digital

Published 07/18/2023, 05:52 AM
Updated 07/18/2023, 06:07 AM
© Reuters. FILE PHOTO: The logo of German media company ProSiebenSat.1 in Unterfoehring, near Munich, Germany, November 5, 2020. REUTERS/Andreas Gebert/File Photo

BERLIN (Reuters) -German media group ProSiebenSat.1 will cut 400 full-time positions, the company said on Tuesday, as part of restructuring measures focusing on its entertainment activities.

"The aim is to achieve a more efficient structure, a competitive cost base, and processes clearly geared to digital transformation," the company said in a statement.

ProSiebenSat.1 said the company had agreed on a voluntary redundancy programme with employee representatives, with the first effects of the cuts to become visible in the fourth quarter of this year.

The measures are expected to amount to a low double-digit million euro amount for 2023, which has already been taken into account for this year's outlook, it added.

The full cost effect for 2024 will amount to a mid double-digit million euro amount.

The downsizing amounts to one 10th of some 4,000 full-time positions at the company's headquarters and in its entertainment division.

The cuts include vacant positions that will no longer be filled, a spokesperson said.

© Reuters. FILE PHOTO: The logo of German media company ProSiebenSat.1 in Unterfoehring, near Munich, Germany, November 5, 2020. REUTERS/Andreas Gebert/File Photo

"We have to operate in an extremely challenging economic environment for the fourth year in a row," said Chief Executive Bert Habets.

"The job cuts are a difficult but entrepreneurially necessary decision, so that ProSiebenSat.1 can increase its earning power and grow sustainably and healthily again," he said in the statement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.