In a move that took the German media business by surprise, Georg Kofler, chairman of Pro Sieben Media AG, has decided to leave the German media group when his contract expires at the end of next year.
The 42-years old Kofler, widely credited with transforming the ailing Eureka channel into the highly profitable Pro Sieben group between 1988-93, told the board of directors that he will not extend his contract beyond that date. The reason given was that, after turning Pro Sieben into a proft-making business, with an expected turnover of DM2 billion (Pounds 670 million) and profits of more than DM300 million this year, Kofler wants to become an independent entrepreneur.
Kofler said that he wanted to carry out his duties as chairman until the end of his contract, adding that, together with the board, he intended to find a suitable successor as soon as possible.
It is believed that Kofler’s decision is connected with Kirch Group’s alleged plan to integrate Pro Sieben more closely with its own free-to-air business, in particular SAT.1. This would mean that Pro Sieben, Kabel 1, N24 and SAT.1 could offer complementary schedules, rather than competing. Kofler always strongly defended the independence of Pro Sieben group, in which Leo Kirch’s son Thomas is the major shareholder with 58.4 per cent.
