MOVES by private equity firms Permira and KKR to sell down their controlling stake in Europe’s second largest TV group ProSiebenSat.1 sent shares in the broadcaster crashing yesterday.
The duo, who took control of the network in 2006 for €3.1bn (£2.6bn), on Tuesday announced plans to sell 25m shares in German network ProSiebenSat.1, which is equivalent to about €760m.
ProSieben, which is listed in Frankfurt, fell as much as eight per cent in trading yesterday on the news. Shares rallied slightly later in the day to finish five per cent lower at €30.67
The German network is noted for screening US imports of shows like The Simpsons and Family Guy, as well as home made shows like Germany’s Next Topmodel, hosted by Heidi Klum.
Permira and KKR formed a holding company Lavena to own the shares in the business. They will cut their stake by 11 per cent, down to 33 per cent. JP Morgan Chase will place the shares.