Pro7 denies it plans to sell channels
Company to report third-quarter results ThursdayCOLOGNE, Germany -- European broadcast giant ProSiebenSat.1 has denied reports that it plans to issue new shares or sell off one of its German networks in order to weather the global financial storm.
The question of how ProSieben will balance its budget -- the group expects a 100 million euro ($129 million) advertising shortfall this year and has debts of 3.7 billion euros ($4.8 billion) -- has been the subject of wild speculation ahead of the company's third-quarter report on Thursday.
One option ProSieben is considering is moving German channel Sat.1 out of its prime location in Berlin to cheaper digs, though the company told The Hollywood Reporter that no decision has been made yet.
A more immediate problem is who will run the company once CEO Guillaume de Posch steps down at the end of this year. So far, owners Permira and KKR have been unable to find an exec willing to take on the daunting task of running Europe's second-largest TV group.