KKR, Permira to shed ProSiebenSat.1 shares

Private equity owners KKR and Permira is planning to sell shares in German broadcaster ProSiebenSat.1 worth €196m (US$262m).

The pair has held a 53% controlling stake in the broadcaster since 2006 but is now actively seeking to offload their stake, with speculation mounting that they will exit by the end of this year.

Adding to that, they have now put eight million preference shares – about 3.7% of ProSiebenSat.1’s total share capital – up for sale at €24.20 each, potential netting nearly €200m. ProSiebensat.1 operates channels in more than 10 countries.

This makes ProSiebenSat.1 recently reported buy-out of Romanian network Kanal D, now seem unlikely. Discovery and Modern Times Group are still thought to be in that race.

ProSiebenSat.1 has also appointed JP Morgan to investigate the sale of its SBS networks in Scandinavia and Benelux.