By Bernadette Hogg and Elvira Pollina (Reuters) -MFE-MediaForEurope has tightened its grip on German broadcaster ProSiebenSat.1 by appointing Marco Giordani as chief executive, marking a shift in
MFE Strengthens Control Over ProSiebenSat.1 with New CEO Appointment
By Bernadette Hogg and Elvira Pollina
(Reuters) -MFE-MediaForEurope has tightened its grip on German broadcaster ProSiebenSat.1 by appointing Marco Giordani as chief executive, marking a shift in leadership after the TV group controlled by Italy's Berlusconi family closed its takeover bid in September.
A veteran executive in the media sector, Giordani, 63, has served as chief financial officer at MFE since 2000, acting as CEO Pier Silvio Berlusconi's right-hand man in managing the company.
"Marco brings deep operational expertise, strong financial acumen, a proven track record in leading complex organizations and will fully focus on ProSiebenSat.1 going forward," Maria Kyriacou, chairwoman of ProSieben's supervisory board said in a statement on Tuesday.
Separtely, MFE said Giordani will keep its role at the Milan-listed company while it will evaluate potential adjustments to its governance structure.
MFE, which runs TV businesses in Italy and in Spain, had built its stake in ProSieben since 2019, reaching a level of nearly 30% before launching a takeover bid earlier this year.
The company now holds over 75% of the Bavaria-based media group.
The 1.8 billion euro cash-and-share bid was part of MFE's plan to create a European ad-funded TV group to fend off stiff competition in the sector from U.S. streaming giant the likes of Netflix and YouTube.
Giordani's appointment is aimed at speeding up ProSieben's turnaround, shedding e-commerce and online dating ventures to cut debt, sources familiar with the matter told Reuters.
Giordani will replace Bert Habets, who will step down along with Chief financial officer Martin Mildner and Chief operating officer Markus Breitenecker, ProSieben said.
Bob Rajan, formerly of Alvarez & Marsal Private Equity Performance Improvement, will take over as CFO on an interim basis.
Breitenecker's role will not be replaced at executive board level.
(Reporting by Bernadette Hogg in Gdansk and Elvira Pollina in Milan, editing by Thomas Escritt, Louise Heavens and Keith Weir)
