Mogul keeping exec group intact
BERLIN — German broadcast group ProSiebenSat 1 is getting a new supervisory board with Haim Saban’s takeover.Company announced Wednesday that the board will consist of Saban; his brother Arieh Saban, also a media businessman; Adam Chesnoff, chief operating officer of the Saban Capital Group; former Fox Kids Europe topper and Saban Capital director Ynon Kreiz; Wolfgang Hartmann, an exec at Germany’s Commerzbank; and media consultant Ron Kenan. Saban controls 72% of ProSiebenSat 1′s voting shares, and he is expected to acquire a further 16.5% held by Kirch Media in a separate holding with German publisher Axel Springer, which owns an additional 11.5% on its own. Axel Springer will be repped by chief exec Mathias Doepfner and company exec Hubertus Meyer-Burckhardt, who is in line to join the board, the company said. Michael Jaffe, the insolvency administrator of ProSiebenSat 1′s former parent Kirch Media, will keep his seat on the board. Exec board unchanged Saban has said he plans to keep ProSiebenSat 1′s executive board, with CEO Urs Rohner at the helm. ProSiebenSat 1 said the new supervisory board members would be appointed as soon as possible. Saban’s six equity investment partners, who are backing his estimated $1.3 billion takeover, are not on the board. In addition to the separate 16.5% stake, Saban is to cover a $300 million capital injection into the group and guarantee some $220 million of the company’s debt. He’s paying $593.8 million for his initial 72% stake in the network.
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