ProSiebenSat.1 shareholders: Concern about high debt
The debt burden in the billions is causing the shareholders of Germany's largest private TV group ProSiebenSat.1 serious concern. The takeover of the Scandinavian broadcasting chain SBS has resulted in a debt burden of EUR 3.5 billion.
The debt burden in the billions is causing the shareholders of Germany's largest private TV group ProSiebenSat.1 serious concern. The takeover of the Scandinavian broadcasting chain SBS has resulted in a debt burden of EUR 3.5 billion.
"It's certainly no peace of mind," admitted Group CEO Thomas Ebeling at the Annual General Meeting on Thursday. "But it is also no cause for sleepless nights." At the end of March, the company had liquid funds of 509 million euros. "That gives us plenty of room for maneuver," said Ebeling.
The Group wants to gain market share in the difficult environment, said Ebeling. In 2008, the company's revenues with the stations ProSieben, Sat.1, Kabel 1 and N24 fell by 6 percent to EUR 3.05 billion. At the bottom line, ProSiebenSat.1 posted a loss of 129.1 million euros. This year, the company plans to save around EUR 100 million by merging the stations, among other things. To this end, Sat.1, for example, is to be relocated from Berlin to the Group's headquarters in Munich.
At the Annual General Meeting, the company was also given the green light to issue a convertible bond for up to one billion euros and for authorized capital. Ebeling explained that the capital measures were intended to create "the necessary room for maneuver for the best possible design of the financing structure". There had previously been speculation about plans for a capital increase.
"It's certainly no peace of mind," admitted Group CEO Thomas Ebeling at the Annual General Meeting on Thursday. "But it is also no cause for sleepless nights." At the end of March, the company had liquid funds of 509 million euros. "That gives us plenty of room for maneuver," said Ebeling.
The Group wants to gain market share in the difficult environment, said Ebeling. In 2008, the company's revenues with the stations ProSieben, Sat.1, Kabel 1 and N24 fell by 6 percent to EUR 3.05 billion. At the bottom line, ProSiebenSat.1 posted a loss of 129.1 million euros. This year, the company plans to save around EUR 100 million by merging the stations, among other things. To this end, Sat.1, for example, is to be relocated from Berlin to the Group's headquarters in Munich.
At the Annual General Meeting, the company was also given the green light to issue a convertible bond for up to one billion euros and for authorized capital. Ebeling explained that the capital measures were intended to create "the necessary room for maneuver for the best possible design of the financing structure". There had previously been speculation about plans for a capital increase.
