COLOGNE, Germany -- Key executives from the financial backers behind Haim Saban's takeover of German commercial broadcaster ProSiebenSat.1 took up positions on the group's supervisory board Monday. Bain Capital Partners managing director John Connaughton, Hellman & Friedman managing director Patrick Healy and Thomas H. Lee Partners managing director Seth Lawry were appointed to the board, replacing existing board members Ron Kenan, Ynon Kreiz and Arieh Saban, ProSiebenSat.1 said in a statement. Haim Saban is chairman of the ProSiebenSat.1 supervisory board, which also includes deputy chairman and Saban confidant Adam Chesnoff, Mathias Doepfner, Wolfgang Hartmann, Michael Jaffe and Hubertus Meyer-Burckhardt. The investment groups bankrolled Saban Capital Group's acquisition of a controlling stake in ProSiebenSat.1 this summer. Their loans to Saban Capital Group will be exchanged for equity stakes in the German broadcaster within the next few months.
- 11/17/2003
- The Hollywood Reporter - Movie News
COLOGNE -- Haim Saban's takeover of German commercial broadcasting group ProSiebenSat.1 got a further official stamp of approval Wednesday when the broadcaster named Saban and Saban Capital Group president and COO Adam Chesnoff to head ProSieben's supervisory board. Saban was named chairman of the board with Chesnoff as deputy chairman. The two were selected in a unanimous vote by ProSieben board members, the company said. Saban takes over from Michael Jaffe, the insolvency lawyer who was named temporary board chairman following the bankruptcy of ProSieben parent KirchGroup. A further shuffle is expected on ProSieben's board as Saban puts his stamp on the German group he acquired earlier this month. Saban Capital Group has said, in addition to Chesnoff, Saban also plans to appoint his brother Arieh Saban, former Fox Kids Europe head and Saban Capital director Ynon Kriez, and media consultant Ron Kenan to the board. Saban currently controls 72% of the voting shares in ProSiebenSat.1. He is expected to soon sign a deal to buy a further 16.5% of the broadcaster currently held in a joint venture between Kirch Media and German publisher Axel Springer. Separately, Springer controls an additional 11.5% in ProSiebenSat.1. Despite the supervisory board shuffle, Saban has expressed confidence in ProSiebenSat.1's executive board led by company CEO Urs Rohner.
- 8/27/2003
- The Hollywood Reporter - Movie News
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