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ProSieben in exclusive talks with General Atlantic on digital stake sale - sources

Reuters

MUNICH/FRANKFURT (Reuters) - ProSiebenSat.1 Media SE (PSMGn.DE) is in exclusive talks with private equity firm General Atlantic over the sale of a minority stake in its digital business, two people with direct knowledge of the matter said on Monday.

The sources said it was possible but not yet certain that the German media company would unveil a deal when departing CEO Thomas Ebeling announces his final set of annual results on Thursday.

ProSieben declined to comment while General Atlantic could not immediately be reached for comment.

General Atlantic was among a small field to submit offers for a stake of 30-40 percent in the e-commerce portfolio that ProSieben both invests in and promotes with advertising airtime on its TV channels.

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A minority stake was still under discussion in the division that spans online dating, perfume and energy price comparison sites, both sources said.

It was not clear what price was being discussed for the stake, but a valuation of at least 1.7 billion euros (1.51 billion pounds) was being considered for the digital unit as a whole, they added.

The planned sale of the stake in the digital ventures, which excludes its online travel platforms, is part of ProSieben's broader strategy of generating more revenues outside traditional TV advertising.

(Reporting by Alexander Huebner and Arno Schuetze; Writing by Douglas Busvine. Editing by Jane Merriman)