ProSieben-Sat 1 increases share capital

Private TV The ProSieben-Sat 1 TV Group plans to reduce its debts with a capital increase. 282 million euros gross are to be flushed into the coffers through the issue of around 24 million new shares. Shareholders can acquire one new share for every eight old shares. According to Reuters, this will increase the Saban Group's stake from just under 72% to a good 75%. The publisher Axel Springer announced that it would not be acquiring any new shares as it intends to sell its stake in the long term.