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Principale » ProSiebenSat.1 higher as CEO exit fuels acquisition hopes

ProSiebenSat.1 higher as CEO exit fuels acquisition hopes

21 Novembre 2017

German broadcaster ProSiebenSat.1 Media has announced that its CEO, Thomas Ebeling, will leave the company by the end of February 2018.

Ebeling had a contract that ran until mid-2019, but in a statement ProSiebenSat.1 said: "However, already in connection with the latest renewal of his contract of employment, he informed the company that he would not be available for a further subsequent renewal". On behalf of the entire supervisory board, I would like to thank Thomas Ebeling for his outstanding accomplishments, which have lastly led the company entering the DAX.

As a result, ProSiebenSat.1's supervisory board initiated the search for a successor "some time ago" and will appoint a successor to Ebeling in due course.

ProSiebenSat.1 (OTCPK:PBSFY) shares are up 4.7% in over-the-counter trading after an early exit from its CEO is restarting acquisition hopes for shareholders.

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Conrad Albert, who has been with the company since 2005, has been appointed deputy chairman of ProSiebenSat.1's executive board whilst the firm searches for a successor. "In doing so, we are aligning the group structure to a dynamically developing media landscape and are laying the foundation for a continued sustainable increase in the enterprise value".

ProSiebenSat.1 has been on a diversification drive, broadening out beyond TV and attempting to reduce its exposure to the volatile TV ad market.

Ebeling added, "I am convinced that ProSiebenSat.1 will add further positive chapters to its success story with the measures taken".

ProSiebenSat.1 higher as CEO exit fuels acquisition hopes