Shares in ProSiebenSat.1 Media rallied by 9per cent on Friday after the abrupt departure of Chief Executive Officer Max Conze ended a drama-filled tenure that unraveled after his deputy denounced a"soap opera" at the German broadcaster.
ProSieben announced in a late-night statement that Conze, 50, was leaving with immediate effect and Chief Financial Officer Rainer Beaujean - who joined last July from a packaging company - would also assume his responsibilities.In a statement issued after a supervisory board meeting on Thursday evening, Beaujean said ProSieben"will now return to focusing more strongly on our core segment of entertainment and on sustainably profitable business".
The recent announcement of the US$500 million takeover of New York dating app developer Meet Inc incurred the disapproval of Italian broadcaster Mediaset , which took advantage of a precipitous decline in ProSieben's share price to up its stake to 20per cent. Conze's grip on the business had visibly loosened of late, with hand-picked allies he brought in from Dyson, the UK vacuum cleaner maker he headed before joining ProSieben in mid-2018, exiting the business.
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