The German media conglomerate ProSiebenSat.1 Media is navigating a critical transformation phase, marked by significant ownership changes and financial restructuring. Recent leadership appointments and a comprehensive refinancing package signal a potential turning point for the company’s strategic direction.
Leadership Reshuffle and Corporate Realignment
A new executive team is now steering ProSiebenSat.1 through its ongoing evolution. On October 28, 2025, Nicola Lussana assumed the role of Management Board Chairman at Seven.One Media. This transition was preceded by another pivotal change on October 21, 2025, when Marco Giordani succeeded Bert Habets as Chief Executive Officer.
These leadership changes coincide with Media for Europe (MFE) establishing majority control, now holding 75.6% of voting rights. This substantial ownership shift has prompted a comprehensive overhaul of the company’s financial framework and operational strategy.
Comprehensive Financial Restructuring Package
In response to the altered corporate control structure, ProSiebenSat.1 has executed a complete refinancing of its existing debt arrangements. The company formalized a €2.1 billion financing agreement with an international banking consortium on November 7, 2025.
The restructuring encompasses three primary components:
* A €1.4 billion term loan facility extending through September 2030
* A €400 million revolving credit line with a five-year maturity period
* €300 million in bridge financing arrangements
The repayment schedule requires semi-annual installments of €70 million commencing in March 2027, establishing a structured debt reduction timeline.
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Third Quarter Performance: Digital Growth Offsets Traditional Declines
The company’s most recent financial results reveal a contrasting performance across different business segments. During the third quarter of 2025, overall revenue contracted by 7% to €820 million. The adjusted EBITDA experienced a more pronounced decline, falling 27% to €76 million.
However, the digital streaming platform Joyn demonstrated remarkable growth, with advertising video-on-demand (AVoD) revenue surging 42% compared to the previous quarter. This digital acceleration presents a promising counterbalance to the ongoing challenges in traditional television advertising, where client spending continues to weaken.
Revised Annual Outlook and Leverage Considerations
Given persistent softness in the television advertising market, ProSiebenSat.1 has adjusted its full-year financial projections. The company now anticipates revenue between €3.65 billion and €3.80 billion, with adjusted EBITDA expected to range from €420 million to €450 million.
Despite progress in reducing net debt, the company’s leverage ratio has increased to 3.0-3.5x, reflecting pressure on earnings performance. This metric underscores the importance of the company’s ongoing transition toward more sustainable digital revenue streams.
The convergence of new leadership, financial restructuring, and strategic digital investment positions ProSiebenSat.1 at a crucial inflection point. The effectiveness of these measures in stabilizing traditional operations while accelerating digital transformation will ultimately determine the company’s competitive trajectory in the evolving media landscape.
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