The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Communication Publishing Of Information; Production And Programming Of Audiovisual Programming And Broadcasting Activities 60 - Programming And Broadcasting Activities
400 jobs Number of planned job losses
Announcement Date
18 July 2023
Employment effect (start)
18 July 2023
Foreseen end date
Description
The German media company ProSiebenSat.1, based in Unterföhring (Germany), has announced 400 job cuts.
The company is struggling with falling advertising revenues and is increasingly focusing on its streaming offering, after having acquired the streaming platform Joyn by 31 October 2022. According to the company, the job cuts will affect around 400 full-time positions and will be carried out in a socially responsible manner via a voluntary redundancy programme to avoid compulsory redundancies as far as possible. The company had agreed on this in talks with employee representatives.
It is not known at this time by when the job cuts will be completed. However, the company says that the first effects of the reduced material and personnel costs will be visible across the Group in the fourth quarter of this year.
ProSiebenSat.1 Group employs 7,284 full-time staff worldwide.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
