RTL Germany boss Schäfer has to go - Rabe is advancing

Created: 08/17/2022 10:23 am

Thomas Rabe, CEO of Bertelsmann, takes over as CEO of RTL Germany.

© Bernd von Jutrczenka/dpa

At the head of RTL, Stephan Schäfer helped push the transition of the magazine titles from Gruner + Jahr to the TV group.

After just under a year, it's over for the manager.

Cologne – At the media company RTL Germany, co-boss Stephan Schäfer has to leave after almost a year.

RTL Group and Bertelsmann boss Thomas Rabe takes over as CEO, co-boss Matthias Dang remains, as the listed RTL Group announced on Wednesday in Cologne.

As a reason for Schäfer's rapid departure, Rabe told the German Press Agency: "We have now decided on the management structure at RTL Germany because RTL is facing some major challenges."

Just about a year ago, the new management duo of RTL Germany was presented with Schäfer (head of Gruner + Jahr and responsible for content at RTL Germany) and Dang (responsible for the commercial, technological and digital activities of RTL) as equal co-heads .

They started the merger of the TV broadcasting group with the German magazine business of the Hamburg magazine publisher Gruner + Jahr at the turn of the year.

Both houses are part of the Bertelsmann group portfolio.

Dang remains in the RTL management.

Difficult advertising market

In his justification, Rabe referred to the advertising market, which has meanwhile become tighter again.

In addition, there are major projects such as the expansion of the streaming platform RTL + to a cross-media offer.

He also mentioned the merger of RTL and Gruner + Jahr.

"Against the background of the challenges, we want to set up the management team differently."

In addition to Rabe as Chairman and Co-CEO Dang, the new management of RTL Germany now consists of the previous members Oliver Radtke, who is responsible for the overall coordination of the merger of RTL and Gruner + Jahr, and Alexander Glatz, who is responsible for the Legal & Finance department.

The long-time RTL man Andreas Fischer, previously Executive Vice President Business Development of the RTL Group, is new to the management team.

He will take care of the operational business as Chief Operating Officer (COO).

According to RTL, Stephan Schäfer is retiring “on the best of terms from the management and leaving the company.

He remains connected to RTL as a consultant".

Stephan Schäfer, former Co-Chairman of RTL Germany, presenting the new streaming platform RTL+.

© Jörg Carstensen/dpa

When asked about the reasons for Schäfer's departure, Rabe explained: "It has to do with the challenges." He mentioned the advertising economy and the corresponding effects on the TV business, but also the large number of projects "that require different management".

Schäfer is still available as a consultant.

"We are agreed that we will continue to work together."

Further steps are to follow

Rabe himself wants to be at the top of the management board "until further notice".

He announced to the dpa: "We will announce further steps to strengthen the management in the next few months." On the decision, in addition to the chief posts at Bertelsmann, headquartered in Gütersloh and the RTL Group in Luxembourg, now also at RTL Germany to take over, Rabe said: "I manage Bertelsmann overall, but in the almost eleven years since I took over the management, I have always focused on individual businesses." At the service provider Arvato, in the formation of service provider Majorel or in that was the case with RTL Group.

"It's part of my way of working."

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Flags of the television station RTL on the square in front of the company building.

© Henning Kaiser/dpa

In addition to the merger of the editorial offices of RTL and Gruner + Jahr, the media company RTL Deutschland with its more than 8,000 employees is working on expanding the streaming platform RTL+, which already has 3.4 million subscribers, into a multimedia offering.

A new music app is now the first step in this direction.

The aim is to stand out from other global streaming services such as Netflix.

The bottom line is that RTL is still not making any money with its streaming services, the whole thing is still in the development phase, and the group is investing millions in content.

They want to be profitable by 2026.

The number of subscribers should then be 10 million and sales should be one billion euros.

The advertising economy, which is a key market for RTL, is also currently weakening.

Special attention to RTL Germany

Regarding the importance of RTL Germany for Bertelsmann, Rabe said: "RTL Group is extremely important for Bertelsmann and RTL Germany is our largest single business." That is why his attention is particularly focused on this business.

"I will now spend even more time in Cologne, at least three days a week."

The manager also commented on the merger of the magazine brands from Gruner + Jahr and RTL.

The merger is proceeding according to plan, but also step by step.

"It was designed that way from the start." In 2022, the planned synergy target will be exceeded, namely more than 20 million euros.

"That shows we're making good progress." Rabe also said: "We see ourselves as one company and not as two companies that are brought together under one roof." dpa