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ProSiebenSat1.Media SE: COVID-19? Yes, but what needs to be done needs to be done anyhow

Amidst mixed results, the new CEO Max Conze asked shareholders for patience at last year´s AGM.

A few months later, he received the feedback: Sorry, no can do. On March 26st, the company informed about changes on the Executive Board. While the CEO Max Conze left ProSiebenSat1 with immediate effect, the CFO Rainer Beaujean assumed the position as Chairman of the Executive Board (in addition to his responsibilities as CFO). Also, Wolfgang Link and Christine Scheffler were appointed as new members. Both a familiar with their new tasks since they served already as senior executives within the ProSiebenSat.1 Group. This information provides some confidence given that just two weeks earlier the company announced the resignation of the former deputy CEO Conrad Albert will resign as of the end of April.

Such a decision requires some courage amidst the COVID-19 crisis. On the other hand, a sharpened focus on numbers and the core business should help to achieve the needed performance improvement. The Group plans to return the primary focus of its operating business to the entertainment sector in the DACH region. And there is a piece of candy for better times: Investments that benefit from advertising on the entertainment platforms will continue to be developed nonetheless to generate value and sold in due course under an active portfolio policy.