{"id":26846,"date":"2023-04-27T20:30:12","date_gmt":"2023-04-27T20:30:12","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/prosieben-to-slash-dividend\/"},"modified":"2023-04-27T20:34:54","modified_gmt":"2023-04-27T20:34:54","slug":"prosieben-to-slash-dividend","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/prosieben-to-slash-dividend\/","title":{"rendered":"ProSieben to slash dividend, replaces chief financial officer"},"content":{"rendered":"<p>BERLIN (Reuters) &#8211;     German media group ProSiebenSat.1 said on Thursday it was replacing its chief financial officer and proposing slashing this year&#8217;s dividend as it announced a nearly 20% drop in operating profit in 2022 to 678 million euros ($747.56 million).<\/p>\n<p>The board will propose to the annual general meeting (AGM) a dividend of 0.05 euros per share, amounting to 11 million euros total, compared to 0.80 euro per share in the previous year, the company said in a statement late on Thursday.<\/p>\n<p>This was because it now expected its financial leverage ratio to be &#8220;above the upper end of the target corridor&#8221; at the end of 2023.<\/p>\n<p>It said it would replace as CFO Ralf Gierig with Martin Mildner, 53, former financial chief of United Internet.<\/p>\n<p>&#8220;Due to his extensive experience in the areas of e-commerce and digitization, he will be able to provide valuable impetus in the implementation of our growth strategy,&#8221; said CEO Bert Habets.<\/p>\n<p>Revenue sank last year by 7.4% to 4.16 billion euros, the company said, due to a macroeconomic downturn in the German-speaking region. It expects sales to stagnate this year at around 4.1 billion euros, while adjusted EBITDA should drop to around 600 million euros.<\/p>\n<p>&#8220;We anticipate a significant recovery in the important advertising business in the second half of the year in parallel with the forecast general economic development,&#8221; said Habets.<\/p>\n<p>The company had last month announced plans to cut jobs and reduce costs, pinning the media group&#8217;s focus on its in-house streaming platform Joyn.<\/p>\n<p>ProSiebenSat.1 had delayed its results for 2022 and also its AGM, citing regulatory questions around its Jochen Schweizer mydays business, which provides adventure experiences such as ballooning and bungee jumps.<\/p>\n<p>On Thursday it said its AGM, originally planned for May 2, was now scheduled for June 30.<\/p>\n<p>($1 = 0.9069 euros)<\/p>\n<p \/>\n<p> (Reporting by Klaus Lauer; Writing by Sarah Marsh; Editing by Josie Kao)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/prosieben-to-slash-dividend\/file-photo-the-logo-of-german-media-company-prosiebensat-1-is\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q0YN-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3Q0YN-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BERLIN (Reuters) &#8211; German media group ProSiebenSat.1 said on Thursday it was replacing its chief financial officer and proposing slashing this year&#8217;s dividend as it announced a nearly 20% drop in operating profit in 2022 to 678 million euros ($747.56 million). The board will propose to the annual general meeting (AGM) a dividend of 0.05 [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":26847,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-26846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q0YN-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=26846"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26846\/revisions"}],"predecessor-version":[{"id":26848,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26846\/revisions\/26848"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/26847"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=26846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=26846"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=26846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}