Management Buyout for N24

MUNICH: ProSiebenSat.1 Media is selling N24 as well as the Maz&More production company, to the news channel’s senior management, consisting of Dr. Torsten Rossmann, Stefan Aust and Thorsten Pollfuss.

Following the transaction, N24 Media will be Germany’s largest independent TV information producer. It will be headquartered in Berlin. Alongside the sale agreement, a deal has been clinched for the new N24 to deliver news content to Sat.1, ProSieben and kabel eins until the end of 2016. The newly founded company will also provide Sat.1 Frühstücksfernsehen and Sat.1-Magazin until at least mid-2014.

"The N24 management team, Stefan Aust and Thorsten Pollfuss impressed us with their concept," said Thomas Ebeling, CEO of ProSiebenSat.1 Media. "Long-term contracts with ProSiebenSat.1 will give them the stability they need to get N24 Media established as a new independent information service provider in Berlin. At the same time, the contract ensures that our stations will have a long-term supply of high-quality news programming. This arrangement has given us a journalistically and economically sound base for our news and the solution is a very good outcome for our stations, our viewers, and the employees of N24."

Ebeling continued: "Working with a strong N24 Media is the best way for us to sharpen our stations information profile further. The team surrounding Torsten Rossmann and Stefan Aust stands for top-quality news coverage. And we want to try new approaches together, especially in political reportage. In terms of content, I see the founding of N24 Media as an important contribution toward strengthening the diversity of providers in the news industry."

As part of the management buyout, Peter Limbourg will transfer to ProSiebenSat.1 as senior VP of news and political information, and will continue to anchor the Sat.1 evening news.

The sale will result in costs of up to 41 million euros for ProSiebenSat.1, plus a further 12 million euros in write downs of non-current assets.