BERLIN — German kidvidder RTV Family Entertainment is reducing the size of its management board as part of restructuring.
Former executive director Peter Hille is retiring after 17 years at the company while Wolfgang Heidrich is vacating his seat on the board but will remain at RTV as head of programming and production.
Company, which came a hairsbreadth away from filing for insolvency earlier this year, is streamlining its operations.
Hille was originally executive director at RTV after its establishment in 1985 and became a member of the board when the firm was incorporated into its game-making parent company Ravensburger.
Company recently posted half-year operating losses of $99 million on revenues of $16 million. Ravensburger guaranteed a $2 million bank loan in June to keep RTV afloat, saving it from bankruptcy. Company is seeking further financing.
RTV was broadsided by the April collapse of local TV giant Kirch Media, one of its main buyers. It has continues to do business, however — its “Fix & Foxi” toon series has been sold in 25 countries and currently airs on German kiddie web KIKA as well as pubcaster ARD.