The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Communication Publishing Of Information; Production And Programming Of Audiovisual Programming And Broadcasting Activities 60 - Programming and broadcasting activities
180 jobs Number of planned job losses
Announcement Date
17 July 2007
Employment effect (start)
16 July 2007
Foreseen end date
31 December 2009
Description
On 17 July 2007, the broadcasting group ProSiebenSat.1 Media AG (PSM) announced that it will cut 180 jobs by the end of 2009. In the spring of 2007, the private equity firms KKR and Permira acquired the majority of shares in PSM. Subsequently, Permira and KKR sold their shares of the SBS broadcasting group to PSM. In the aftermath of the transactions, PSM decided to cut 180 jobs. 80 jobs are to be lost at the firm's headquarters in Munich, and 100 posts are to be cut in Berlin. PSM employs around 6000 in Europe.
Sources
18 July 2007: Financial Times Deutschland
18 July 2007: Handelsblatt
Citation
Eurofound (2007), ProSiebenSat.1 Media AG, Internal restructuring in Germany, factsheet number 65627, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65627.
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