German Watchdog Okays KKR/Permira ProSiebenSat.1 Deal

MUNICH, February 7: Germany’s Commission on Concentration in
the Media (KEK) has cleared the purchase of ProSiebenSat.1 Media by the private
equity firms Kohlberg Kravis Roberts & Co (KKR) and Permira.

The greenlight from the German competition authorities
follows yesterday’s decision by the broadcasting group’s supervisory board to
okay the deal. KKR and Permira announced in December a 3.1-billion-euros deal
to acquire a 50.5-percent interest in ProSiebenSat.1 Media from the Haim
Saban-led consortium, German Media Partners.

KEK has said that there were no competition concerns, given
that both firms do not own any other German television interests.

KKR and Permira are looking to take 100 percent control of
the group, offering 28.71 euros for every common voting share they did not
already own and 22.45 euro per listed, non-voting preference shares. The board
has said that it will not make any recommendations to shareholders on whether
or not to take up the offer.