Saban Sets New ProSiebenSat 1 Board
Created 08/18/2003 - 23:00
In the aftermath of Haim Saban's takeover of ProSiebenSat 1, the German broadcast group is getting a new supervisory board. The board will consist of Saban, his brother Arieh Saban, also a media businessman; Adam Chesnoff, coo of the Saban Capital Group; former head/architect of Fox Kids Europe and Saban Capital director Ynon Kreiz; Wolfgang Hartmann, an exec at Germany's Commerzbank; and Ron Kenan, Sabans music chief and now media consultant.
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.
Keeping his seat on the board is Michael Jaffe, the insolvency administrator of ProSiebenSat 1's former parent KirchMedia.
For the time being, ProSiebenSat 1's executive board will remain intact, with ceo Urs Rohner at the helm, while new supervisory board members would be appointed as soon as possible.
Not on the board are Saban's six equity investment partners, who are backing his estimated $1.3 billion takeover. Saban is expected to acquire an additional 16.5% held by KirchMedia in a separate holding with German publisher Axel Springer. Saban is expected to cover a $300 million capital injection into the group and guarantee some $220 million of the company's debt. He's paying roughly $593.8 million for his initial 72% stake in the network.