ProSiebenSat.1 wants to cut around fulltime 400 jobs in Germany this year.
This corresponds to around one in ten jobs in the entertainment core business and in the holding company, said a spokesperson of the German media company. The job cuts will be made in a socially responsible manner through a voluntary redundancy programme in order to avoid compulsory redundancies as far as possible, according to a statement.
The realignment of the organisation follows the decision by ProSiebenSat.1 to put its streaming platform Joyn into the centre of its entertainment activities. The aim is to achieve a more efficient structure, a competitive cost base, and processes clearly geared to digital transformation, according to the company.
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 2023. The full cost effect for 2024 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 extremely challenging 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,” said Bert Habets (pictured), Group CEO of ProSiebenSat.1.
“2023 is the year of realignment for our group. We have a clear plan with a focus on our entertainment offering and especially on 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.”
