Axel Springer to Offload ProSiebenSat.1 Stake

MUNICH, December 11: Axel Springer is set to sell its
12-percent stake in ProSiebenSat.1 Media to private-equity firms KKR and
Permira for 509.4 million euros.

KKR and Permira acquired 50.5 percent in the European
broadcasting group from Haim Saban’s German Media Partners last December for
3.1 billion euros. The deal came after Axel Springer’s own attempts to take
control of the company were blocked by competition authorities in 2006. Axel
Springer had considered resuming its efforts to acquire ProSiebenSat.1,
previously denying KKR and Permira’s requests to acquire the minority stake.
The publishing giant has since relinquished those efforts.

The deal with KKR and Permira is awaiting approval by the German
Commission on Media Concentration.

—By Mansha Daswani