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German TV giant ProSiebenSat.1 and James Baker, the CEO of its Red Arrow Studios production and distribution unit, will not renew his contract that runs until the end of 2020, the company said on Wednesday.
“After 10 years with the business James has decided to leave Red Arrow Studios,” it said.
Following his departure, ProSiebenSat.1 will set up an advisory board at Red Arrow Studios, which will include Rainer Beaujean, chairman of the executive board and CFO of ProSiebenSat.1 Media, Wolfgang Link, a member of the board and CEO of SevenOne Entertainment, and Henrik Pabst, chief content officer of SevenOne. The existing Red Arrow Studios management team will report directly to the new advisory board.
“This new structure underlines ProSiebenSat.1’s strategy to focus on local and live entertainment in Germany, Austria and Switzerland in close cooperation with Red Arrow Studios,” the company explained.
Said Beaujean: “Red Arrow Studios is a successful international content production and distribution company and therefore an important part of ProSiebenSat.1. Over the last 10 years James has developed and strengthened the operational performance of Red Arrow Studios – including an 18 percent growth in revenues in 2019 – and he has successfully driven the expansion of our German content ecosystem.”
Baker said: “I have greatly enjoyed the last 10 years at Red Arrow Studios, working with talented people and creating exciting content around the world. Red Arrow Studios is in the good hands of my senior leadership team, and I wish everyone the very best.”
ProSieben was exploring options for Red Arrow, including a sale, last year, but earlier this year ended that review. A representative said at the time: “We have now closed the process for the strategic review of Red Arrow Studios as various options we were evaluating are no longer viable in a coronavirus crisis environment.”
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