November 9, 2017 / 10:06 PM / a year ago

ProSiebenSat.1 hunts new CEO for turnaround: Sueddeutsche Zeitung

FRANKFURT (Reuters) - ProSiebenSat.1’s supervisory board has begun looking for a successor for Chief Executive Thomas Ebeling to turn the German broadcaster around, the daily Sueddeutsche Zeitung reported.

Since there was no obvious candidate from within the company, the supervisory board was scouting the market, both in- and outside the media industry, the paper reported in an advance release from its Friday edition.

On Thursday, shares in ProSiebenSat.1 fell to a 4-1/2-year low after the broadcaster cut its outlook for revenue and profit for the year and said it was not able to forecast TV advertising revenues for the fourth quarter.

Ebeling’s contract runs until 2019, but he has indicated in the past that he may step down earlier.

ProSiebenSat.1 was not immediately available for comment.

A company spokeswoman had told the Sueddeutsche Zeitung that the supervisory board would start looking for a successor for Ebeling in a timely manner, but declined to say when such a search would start.

Reporting by Arno Schuetze; Editing by Kevin Liffey

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