ProSiebenSat.1 has sold the German news channel 24 to its management team. The newly founded N24 Media GmbH, backed by Dr Torsten Rossmann, Stefan Aust and Thorsten Pollfuss will also take on production company MAZ&MORE creating Germany’s largest information TV producer. The company’s headquarters will be in Berlin.
The disposal of N24 will cost the ProSiebenSat.1 Group €41 million and an additional writedown of €12 million is also expected.
N24 Media has secured a contract to deliver all the news programming to Sat.1, Proceeded and Kabel Eins through until the end of 2016. It will also provide the breakfast programme Sat.1 Frühstücksfernsehen and Sat.1-Magazin until at least mid-2014.
Thomas Ebeling, CEO, ProSiebenSat.1 Media said the arrangement gave the company an economically sound base for its news operation. “The N24 management team, Stefan Aust and Thorsten Pollfuss impressed us with their concept. Long-term contracts with ProSiebenSat.1 will give them the stability they need to get N24 Media established as a new independent information service provider in Berlin.”
Ebeling added that the establishment of N24 Media represented an important contribution towards strengthening the diversity of providers in the news industry.
Popular news anchor Peter Limbourg will transfer to ProSiebenSat.1, as senior vice president news & political Information. In addition to his new role within the Group, he will continue to present the Sat.1 evening news.