ProSiebenSat.1 announced on Tuesday that it would eliminate 400 full-time positions as part of a restructuring initiative focused on the company’s entertainment activities.
“The aim is to achieve a more efficient structure, a competitive cost base, and processes clearly geared to digital transformation,” the German broadcaster said in a statement.
The cost effects of the cuts are expected to amount to a low double-digit million euro amount this year, the company said.
Meanwhile, the full cost effect for 2024 is expected to amount to a mid double-digit million euro amount.
According to Reuters, the reductions will include vacant positions that will no longer be filled.
“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,” Chief Executive Officer Bert Habets was quoted as saying by the same media.
The shares of Prosiebensat 1 Media AG (PSMGn) were last edging up 0.47% (EUR 0.0390) to trade at EUR 8.3950 in Frankfurt on Tuesday, as they snapped a three-day streak of losses.
The German broadcaster’s total market cap now stands at EUR 1.903 billion.
The shares of Prosiebensat 1 Media AG have risen 0.54% so far this year.
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