Germany's ProSiebenSat.1 Group to cut 400 full-time positions

ProSiebenSat.1 Group is taking the next step in its realignment. After the Group fully acquired the streaming platform Joyn on October 31, 2022, putting it at the center of its entertainment activities, a realignment of the organization is now taking place, particularly in the entertainment segment. The aim is to achieve a more efficient structure, a competitive cost base, and processes clearly geared to digital transformation. This is a priority ino continue investing consistently in the future of thtopecially in content and digital offerings.

In relationship with that, the company confirmed a reduction in the number of jobs in the entire Group. This will affect around 400 full-time positions. The job cuts will be made in a socially responsible manner through a voluntary redundancy program in order to avoid compulsory redundancies as far as possible. Ttto had agreed on this in talks with employee representatives.
The first effects of the reduced material and personnel costs across the Group will become visible in the fourth quarter of this year and are expected to amount to a low double-digit million EUR amount for 2023. ProSiebenSat.1 has already taken this into account in the financial outlook for full-year considered this2024 will amount to a mid-double-digit million EUR amount.

“In a constantly changing media industry, it is only logical that we have realigned our strategy and are constantly questioning our own positioning. In addition, we have to operate in an extremelallenging economic environment for the fourth year in a row. It is, therefore, imperative that we significantly reduce our material and personnel costs. 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,” Bert Habets, Group CEO of ProSiebenSat.1 Media SE.

“2023 is the year of realignment for our Group. We have a clear plan focusing on our entertainment offering, especially Joyn. This way, we want to become the number one in the German-speaking entertainment market as a Group. And we have now created an agile setup as well as headroom for investments again. This was absolutely essential as a basis for implementing our growth strategy,” Bert Habets added.