ProSiebenSat.1 in search for new chief financial officer

By Margarita Snegireva. German broadcaster ProSiebenSat.1 has begun the search for a new chief financial officer after the company said on Thursday that Lothar Lanz would be leaving soon.

Lanz, whose contract ends in June 2009, will remain at ProSieben until a successor has been appointed, "presumably in summer", according to the company.

ProSiebenSat.1 Media AG is a media conglomerate, which owns the popular German broadcasting stations ProSieben, Sat.1, Kabel 1, N24, 9Live. Until recently it also owned sonnenklar TV, which was sold to BigXtra in September 2005).

ProSiebenSat.1 programs had low ratings because of inconvincing marketing efforts. So ProSiebenSat.1 was bought by the American media tycoon Haim Saban for approximately 700m Dollar. After Saban lost interest in the company because the programs could not compete with Bertelsmann's channels RTL, Vox and Super RTL and started an auction to sell the company.

On June 27th 2007 ProSieben bought SBS Broadcasting for the total sum of €3.3 billion in cash. SBS was also owned by Permira/KKR.

The headquarters is located in Unterföhring, a suburb of Munich in Bavaria.

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