In the quiet German town of Gütersloh, a pivotal moment is unfolding at the heart of one of Europe’s most powerful media companies. Two brothers—Carsten and Thomas Coesfeld—are now the leading contenders to take over Bertelsmann, the 190-year-old family-owned conglomerate behind Penguin Random House, RTL, and music company BMG.
The succession, representing the transition to the seventh generation of family leadership, comes at a time of economic turbulence and media industry transformation. Bertelsmann, with nearly 30% of its revenues coming from North America, is feeling the impact of geopolitical tensions such as President Donald Trump’s trade war, as well as challenges from a weak advertising market and rising competition from streaming platforms like Netflix.
A Public Audition for a Private Decision
At a recent two-day company event in Gütersloh, attended by 500 senior Bertelsmann leaders, the Coesfeld brothers delivered back-to-back, TED Talk-style presentations focused on “growth” and “transformation.” Their appearances were widely interpreted as a public audition for the group’s top job.
Thomas Coesfeld, 35, currently heads BMG and is known for his close ties to the music industry—often seen rubbing shoulders with artists like Lenny Kravitz and Bryan Adams. He brings a fast-paced, dynamic energy to the business, evident in both his leadership style and his penchant for thrill-seeking, including high-speed test drives in sports cars.
Carsten Coesfeld, 38, who leads Bertelsmann’s venture capital arm, is seen as the more analytical and numbers-driven candidate. A former Goldman Sachs analyst, he manages a portfolio of 370 investments and is regarded internally as a thoughtful strategist with a solid grasp of finance.
Despite the differences in personality and approach, both brothers have spent years rotating through Bertelsmann’s divisions, building cross-functional expertise in preparation for senior leadership. Their paths into the company were deliberate, though not obligatory. “Nobody ever said you have to do this,” Carsten remarked. “I’ve always felt that I have the freedom to do whatever I want.”
A Family Legacy and an Impending Choice
The final decision lies with company chair Christoph Mohn, 59, and his 83-year-old mother, Liz Mohn—widow of Reinhard Mohn, the man credited with transforming Bertelsmann into the global force it is today. The family expects to choose a successor by the end of 2024, or summer 2025 at the latest.
Christoph Mohn and Bertelsmann’s current CEO, Thomas Rabe (set to step down in 2026), have taken an active role in preparing “the boys,” as Rabe refers to the brothers. In his speech during the company retreat, Rabe pledged to ensure a smooth transition and spoke of his commitment to passing on the company in the “best possible way.”
More Than Just a Family Story
Though comparisons to the HBO series Succession are inevitable, both Rabe and Mohn insist they haven’t watched the show. Still, the brotherly contest at Bertelsmann is emblematic of the high-stakes challenges facing legacy media empires as they attempt to adapt to digital disruption, diversify revenue, and prepare for generational leadership change.
Observers at the event noted that Thomas, dressed in sneakers and delivering his talk without prompt cards, appeared the more relaxed and charismatic of the two. Carsten, by contrast, brought a disciplined, data-driven tone to his pitch—highlighting the clear contrasts in leadership style that the Mohn family must now weigh.
A Pivotal Decision Ahead
Thomas Schuler, a Bertelsmann biographer, describes the moment as “a really significant point” in the company’s history. Bertelsmann is not only choosing between two capable heirs, but also charting a course for its future in a volatile media landscape.
As the Mohn family deliberates, the stakes are not just about who leads the company—but how Europe’s most influential media empire adapts to the demands of a new era.
