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PPF reiterates its view that Christoph Mainusch is the best independent candidate for the Supervisory Board of ProSiebenSat.1 Media SE, and would serve the interests of all stakeholders

PPF a.s.

22/4/2024 | 3 minutes to read

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PPF Group ("PPF") reiterates its support for the nomination of Christoph Mainusch as an independent member of the Supervisory Board of ProSiebenSat.1 Media SE ("ProSiebenSat.1") for election at the ordinary general meeting scheduled for April 30, 2024.

As an independent member of the Supervisory Board, Mr. Mainusch would serve the interests of all shareholders and stakeholders of ProSiebenSat.1.

PPF sees Mr. Mainusch as the superior candidate for election to the Supervisory Board compared to the candidate proposed by the company for several reasons, including:

  • His unique expertise in the media industry, which is urgently needed at the Supervisory Board of ProSiebenSat.1 to support the necessary turnaround of the company towards sustainable growth.
  • Mainusch has a proven track record of several decades as a C-level executive in German and European commercial media companies. He has held key roles in establishing and restructuring linear free and pay-tv channels, as well as leading transformations into digital streaming.
  • He has held senior management roles, including programme director, at German television stations SAT.1, Tele 5 and RTL2. His leadership was crucial in launching the first national commercial broadcaster in Croatia, RTL Televizija, which soon became the commercial TV market leader. As Group CEO of Greece's Alpha Media, he restructured its TV business amidst an economic crisis.
  • Subsequently, Time Warner appointed him as Co-CEO of the NASDAQ-listed Central European Media Enterprises ("CME") where he served between 2013 and 2020. In this role, Mr. Mainusch initiated and directed a comprehensive transformation plan, including digitalization, that turned the company from a loss-maker into a highly profitable business.
  • Mainusch left CME following its acquisition by PPF Group. He has deep expertise in successfully dealing with challenges that are faced by ProSiebenSat.1. This has made him a sought-after senior advisor of top executives across the industry in Europe and Germany. As a member of the Supervisory Board at ProSiebenSat.1, Christoph Mainusch would return to where he started his career and, after his many years in management, would be able to make an important contribution to the development of the company.

ProSiebenSat.1 faces significant challenges which need to be addressed urgently. PPF is very concerned that the current Supervisory Board lacks specific operational expertise in German linear TV and its digital transformation and is convinced that Mr. Mainusch would bring that critical expertise to the Supervisory Board, to the benefit of all shareholders. Mr. Mainusch does not hold positions at PPF or CME or any other PPF entity or affiliate. He is a fully independent candidate who is committed to representing the interests of all shareholders of ProSiebenSat.1. 

In this context, PPF disagrees with ProSiebenSat.1's recent attempts to recast the criteria for what constitutes an independent candidate for its Supervisory Board. Shareholders have the right to nominate candidates for the Supervisory Board and this does not automatically constitute a lack of independence. Mr. Mainusch is a candidate who would act as an independent Supervisory Board member for the benefit of all shareholders.

PPF calls on all shareholders of ProSiebenSat.1 to evaluate Mr. Mainusch's independent candidacy on the merits of his qualifications and the value he would bring to the Supervisory Board of the company.

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