A group spokeswoman said it was still unclear when the balance sheet press conference and shareholder meeting could take place.
(Photo: dpa)
Munich. How are things going after the change of boss at Pro Sieben Sat 1? That’s what many investors have been asking themselves for weeks. The new CEO owes them an answer for the time being.
Completely surprisingly, Bert Habets canceled the publication of the annual balance sheet planned for Thursday. Investors reacted with irritation on Wednesday: with a drop of a good two percent, the shares in the media group were at times the biggest losers in the MDax in the morning.
Only 36 hours before Habets wanted to publicly comment on his plans for the first time, the Dutchman postponed the appointment on Tuesday evening. The company has not yet set a new date. The former head of rival RTL has been at the head of Germany’s largest private broadcasting group since November.
It’s about the business with vouchers
The reason for this is regulatory issues relating to the business of Jochen Schweizer mydays, which belongs to the Commerce & Ventures segment. Because the subsidiaries Jochen Schweizer and mydays mainly sell vouchers and could therefore partially fall under the so-called Payment Services Supervision Act. An external audit drew attention to this fact.
However, investors need not worry about the entire group if the company information is correct. In 2021, Jochen Schweizer and mydays accounted for just 1.6 percent of external sales. Pro Sieben Sat 1 also emphasized that the company is sticking to the latest forecast for 2022 based on the knowledge gained so far.
The Dutchman has been leading ProSiebenSat.1 since the beginning of November. Now the 52-year-old has postponed the presentation of the balance sheet.
(Photo: dpa)
Pro Sieben Sat 1 has been turbulent for years. CEOs come and go, as do major shareholders. It was only announced last week that the Czech company PPF had acquired a stake of a good nine percent. The company is owned by Renata Kellnerova, the 55-year-old widow of Czech businessman Petr Kellner. In March 2021 he died while heli-skiing in Alaska.
>> Read about this: Czech billionaire Kellnerova joins Pro Sieben Sat 1
PPF is now the second largest shareholder after MFE-Mediaforeurope. The company, controlled by former Italian Prime Minister Silvio Berlusconi, owns a 29 percent stake. The Italians have long advocated working more closely with Bayern. In contrast, Habets’ predecessors in the executive chair always resisted. They are also committed to Pro Sieben Sat 1 focusing more on its core business of television and entertainment.
Annual General Meeting is on the brink
Not only the two major shareholders have to wait longer than expected for the general meeting. The event planned for May 2nd may be postponed, according to ProSiebenSat.1.
There is definitely a need for discussion: the share price has fallen by a fifth within a year. For comparison: the MDax posted a minus of only seven percent in the same period.
The private TV broadcasters in Germany have been under pressure for months due to weak advertising markets. Pro Sieben Sat 1 and its competitor RTL generate large parts of their revenues from advertising. Because of the economic uncertainty and general consumer restraint, companies are currently placing fewer advertisements. In difficult times, companies often save on their advertising budget first.
Competitor RTL is also under pressure
The TV market in particular is one of the advertising losers. The industry assumed a minus of around six percent at the end of the past year. Private television is particularly affected by this because, according to market researchers, many viewers trust the content of public television more in times of crisis. Such an environment that is judged to be serious attracts more advertising customers.
The biggest rival, the RTL Group, will present its balance sheet in two weeks. However, RTL boss Thomas Rabe recently expected weak results. “Looking at the fourth quarter, we assume that the difficult environment on the advertising markets, especially in Germany, will continue.” Late fall forecast. Originally, 7.3 to 7.5 billion euros were targeted. The group had already lowered its profit prospects in the summer due to the advertising slump.
With agency material.
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