German broadcasting group ProSiebenSat.1 has announced a significant restructuring effort, including the elimination of 430 full-time positions, as part of its ongoing digital transformation strategy. The company, which has been navigating a challenging economic landscape, aims to enhance its operational efficiency and cost structure. This decision, though difficult, is seen as a necessary step to ensure the group's long-term competitiveness in the rapidly evolving media sector.
The job cuts are expected to be implemented in a socially responsible manner, with the company offering voluntary redundancy programs in agreement with employee representatives. ProSiebenSat.1 has allocated a mid to high double-digit million euro provision for the restructuring, which will be recognized in the second quarter of 2025. Despite the one-time charge to net income and free cash flow, the company assures that the restructuring will not impact adjusted EBITDA and adjusted net income.
ProSiebenSat.1's CEO, Bert Habets, emphasized the importance of adapting to the current economic environment by strengthening the company's competitiveness and improving its cost structure. The restructuring is part of a broader strategy to focus more intently on the Entertainment business, streamlining processes to better meet the demands of the digital age. The full financial impact of the reduced expenses is anticipated to be visible by the second half of 2025, with a more significant effect expected in 2026.
Meanwhile, the company's stock performance remains resilient, with shares trading above the offer price set by Mfe-Mediaset, its largest shareholder. The upcoming shareholder meeting in Amsterdam will further discuss the takeover bid, as ProSiebenSat.1 continues to navigate its transformation amidst a challenging market backdrop.
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