Endemol chief quits just as Channel 5 extends Big Brother deal

Editor ©RapidTVNews | 06-04-2012

With the company’s debt restructuring now in its final stages, Endemol group’s president Marco Bassetti has now announced his departure from the company.
The production company, which claims to be the world’s largest, responsible for producing programmes such as Big Brother, The Money Drop and Deal Or No Deal, has been struggling for the ;last year or so with a debt mountain thought to be in the region of nearly €3. During the last few months Endemol has been the subject of a number of prospective buy out rumours for the last nine months and has fended off a number of prospective buy out attempts most notably by Time Warner with a full cash bid which was rejected by the Endemol board.

Endemol say that it is now performing strongly in terms of growth, profitability and creativity with a market leading business spanning formats, scripted programming, distribution, digital media and brands adding that during 2011 it had made “decisive” steps towards a successful capital restructuring and that it was now in the final stages of this process.
In February 2012 as part of further restructuring moves, managing directors of the firm’s international sports business, Gregg Oldfield and Lawrence Duffy, left the company “to pursue new ventures.” Explaining the reasons for his own departure, Bassetti said: "With Endemol's capital restructuring in the final stages of completion now feels like the right time for me to move on. I am leaving behind a great company, run by exceptional talent and in sound creative, operational and financial shape. It has been a great pleasure to work here."
Commenting on behalf of the Board, Sir Charles Allen, said: “We’d like to pay tribute to Marco, who joined the Group in 1997 and has made a significant contribution from both a leadership and creative perspective. He has held various roles including Chief Operating Officer, Group President and most recently interim CEO alongside Just Spee and on behalf of the Board we would like to thank him for the role he has played in the company’s success."
In a boost to strengthening further finances, the UK’s fifth terrestrial broadcaster, Channel 5, has signed a new two-year deal with Initial, an Endemol company, for exclusive rights to broadcast Big Brother until the end of 2014. Since Big Brother’s launch on Channel 5 in 2011, the station has added five million new viewers.