RED ARROW’S CEO, JAMES BAKER TO STEP DOWN

Red Arrow Studios CEO James Baker is leaving the ProSiebenSat.1-owned company after 10 years with the business. The existing Red Arrow Studios management team will report to the new advisory board. ”Over the past 10 years, James has developed and strengthened the operational performance of Red Arrow Studios, including an 18% growth in revenues in 2019,”  Rainer Beaujean, Chairman of the Executive Board and Chief Financial Officer of ProSiebenSat. said. “He has successfully driven the expansion of our German content ecosystem. We would like to thank him for his contribution to the business and wish him every success for the future.”

ProSiebenSat.1, which owns the “Love is Blind” producer, revealed on Wednesday that Baker’s contract with the business, which runs until the end of 2020, will not be renewed, marking an end to his 10-year tenure. Though he expanded at Red Arrow Studios last year following the exit of Jan Frouman, it’s believed Baker will return to the media investment sector in 2021, and also plans to expand his Swiss chocolate business, Jungcow.  The media giant launched a strategic review of the production and distribution division in September intending to sell it or form a partnership with other potential investors. It also reorganized its executive board, with CEO Max Conze stepping down as the broadcast giant pledged to re-focus on entertainment.

The existing Red Arrow Studios management team will report directly to the new advisory board. This new structure underlines ProSiebenSat.1’s strategy to focus on local and live entertainment in Germany, Austria, and Switzerland in cooperation with Red Arrow Studios. “We have now closed the process for the strategic review of Red Arrow Studios as various options we were evaluating are no longer viable in a coronavirus crisis environment,” a ProSiebenSat.1 spokesperson said back in March. “We strongly believe in business. It posted a record 2019. ‘Love is Blind’ is the smash hit on Netflix to just name one of our great lineups. We have a great team. And we are all in and will remain so.”

Baker joined Red Arrow in 2011. Before that, he worked at Sky between 1996 and 2007 and then joined private equity group Fleming Media before moving to Current TV, Al Gore’s web and TV network Current TV, as UK general manager. “I have greatly enjoyed the last 10 years at Red Arrow Studios, working with talented people, and creating exciting content around the world. Red Arrow Studios is in the good hands of my senior leadership team, and I wish everyone the very best,” Baker said.