Ynon Kreiz, chief executive of independent television production company Endemol, has parted ways with the company, the Financial Times reports. Kreiz had been in charge of the company for three years,
With Kreiz's departure, Endemol — best known for creating "Big Brother" — will restructure $2.8 billion in debt.
The company's owners — Goldman Sachs Capital Partners, Mediaset and Mediaset España, and Cyrte, the Dutch investment company — will negotiate with hedge funds that have purchased much of the debt, according to the Times. A source tells the paper that the partners are considering a debt-for-equity swap.
Under Kreiz's helm, the company had cut costs by nearly 20 percent.
However, Endemol has experienced decreased revenue and profits, the Times reports. Among the company's fiscal woes is last year's loss of profitable "Big Brother" contract with Britain's Channel 4 last year.
