In the crisis, more and more people turn on the TV. Nevertheless, it is a Pro Sieben Sat 1 bad. The shareholders are but for a different reason, upset.
It is not just an Action Show, which was aired this Wednesday from a television Studio in a Seven-in Unterföhring near Munich. At individual tables, two women and four men are sitting in front of a red wall and in turn and read out prepared Statements. Here, where normally the successful Per-Seven-knowledge magazine “Galileo” will be recorded, will take place at this time, the virtual General meeting of the Pro Sieben Sat 1 Media SE. It comes to Numbers, strategy, and new shareholders, the power rate is likely to be in contrast to the “Galileo” but manageable. All the same, Annoying advertising interruptions, there is not a colorful Trailer for the new corporate strategy.
The news, which had prepared the new speaker of the management Board Rainer Beaujean for the shareholders, were not the best. Because a quick recovery of the advertising economy, which is reeling under the Corona-crisis, was not to be expected. “In April and may, we had the TV advertising revenue to a decline of around 40 percent. Also in June, we still see no improvements,” said Beaujean. The business of Red Arrow Studios will be affected by production shifts also. “In the crisis tend to be advertisers to cut marketing budgets, or to move,” said Beaujean. How is it going on now, is uncertain and depends on the further course of the Corona-crisis.
The TV company had already pulled up the forecast for the full year, a new but not made, the dividend was finally deleted. Are now being cut, investments postponed, in each of the areas, there are short-time working.
Great unrest, there was already before the annual General meeting. Major shareholder Mediaset Beaujean called with unusually harsh words, finally a growth strategy. The German TV group have tried “in the past few years to survive without a strategy for its media business,” said Mediaset chief financial officer Marco Giordani. Deka Investment, the Fund management company of the savings banks and also Per-Seven-satellite-1-shareholder, even called the medium-term detachment of Beaujean. He was only in the short term, the Right thing to do, in order to focus “on cost, liquidity and cash flow Management”. Deka-Manager Winfried Mathes said: “In the time thereafter, but should not necessarily an industry-experienced executives to lead the company.”
The attacks of Mediaset? “The rattling of chains without chain”
The Comments seem to have taken care of within the television company for misunderstanding and anger, they are surprising and incomprehensible, to hear is to. “The rattling of chains without chain,” says a Party especially to the attacks of Mediaset. The media company controlled by the family of former Italian Prime Minister Silvio Berlusconi, although with some 24.2 percent, the largest shareholder. But, only 11.7 percent of them hold the Italians directly, the Rest through financial instruments. A group of investors led by the Czech billionaire Daniel Křetínský has the information by Wednesday to be now a good twelve percent of the shares. The US investment company KKR now controls 4.5 percent, both groups had recently purchased.
Beaujean had taken over the leadership of the TV company only in March, after a power struggle, and the long leadership squabbles. His predecessor, Max Conze had to go after two years as Chairman of the Board. Also Conzes Vice-Conrad Albert left, he had previously spoken in the SZ-Interview of a “Board of Directors-Soap-Opera”.
The head of the Supervisory Board, Werner Brandt, justified the substitution of the Board of management. “We now need a culture of cooperation and mutual respect,” he said several times and criticized indirectly, Conze, he even more than two years ago had brought. Always there had been in the past, reports on the bit of cooperative leadership style Conzes and ongoing dispute in the management. Brandt looked long and replaced in the spring of surprisingly Conze by Beaujean, who was previously chief financial officer. Apparently, he had planned this for a long time. For Brandt, self-long chief financial officer at SAP, said on Wednesday that the obligation Beaujeans in July 2019 had been clear, that this “could take on more tasks”. Brandt described Beaujean as a long-term solution. The Chairman of the Supervisory Board also announced that Conze had received at his departure, a total of 3.9 million euros and will be until 2021 ongoing contract had been paid out.
The people in the crisis – but the advertisers move their bookings
Speaker of the Board Beaujean explained again his fundamental change of strategy. In the future, will focus Pro Sieben Sat 1 back on the core business of entertainment, mainly on the TV business in Germany and Austria. “Growth alone should not be our measuring size. We want long-term profitability,” says Beaujean more. The tag is not easy. Beaujean pleaded for patience and said: “There is no Elevator to the destination, we need to take the stairs.” In the past few years, structured investments in Internet companies would be examined and sold. So a stock exchange was planned, the Online Dating platform Parship-Elite in the year 2022, announced Beaujean on the sidelines of the annual General meeting.
As well as all the other media we are currently “in a paradoxical Situation,” he said further: “to begin, While our offers linear as well as digital real flights, and reduce the advertisers their spending dramatically.” Ratings, and viewing time increased significantly in the Corona-crisis, the revenue would fall sharply, a lot of customers but would not cancel the line items completely, but only move. Television but I have still the strength to provide throughout the country for conversation, stressed Beaujean: “More than ever, people turn to the television, looking for Information and distraction.”
