ProSiebenSat.1 becomes Europe's number two
The German television group ProSiebenSat.1 swallows the European broadcasting chain SBS Broadcasting. The takeover costs 3.3 billion euros. This makes ProSiebenSat.1 one of the largest television groups in Europe.
The German television group ProSiebenSat.1 is taking over the European broadcasting chain SBS Broadcasting. The two companies signed a corresponding transaction agreement on Wednesday, according to a press release. The takeover costs EUR 3.3 billion and had been planned for some time. The two financial investors KKR and Permira bought ProSiebenSat.1 at the end of last year with the aim of merging the broadcasting group with the SBS Group. The latter was already under the control of KKR and Permira (see
). The takeover of SBS is expected to be completed at the beginning of July. This will make ProSiebenSat.1 one of the largest television groups in Europe. The merger is expected to lead to savings of EUR 80 to 90 million per year. The transaction is reportedly not subject to antitrust or media regulatory approvals.
ProSiebenSat.1 intends to move closer to the European market leader RTL Group through the merger. In the future, ProSiebenSat.1 will operate in 13 European countries.
The new group includes 24 free TV stations, 24 pay TV stations and 22 radio stations, as the company explained. With a reach of more than 77 million TV households in Europe, ProSiebenSat.1 moves up to second place in the EU. The headquarters of the new group, which will continue to bear the name ProSiebenSat.1 Media, will be in Munich.
According to a pro-forma calculation for 2006, the acquisition of SBS will increase sales by 48 percent from EUR 2.1 billion to EUR 3.1 billion.
). The takeover of SBS is expected to be completed at the beginning of July. This will make ProSiebenSat.1 one of the largest television groups in Europe. The merger is expected to lead to savings of EUR 80 to 90 million per year. The transaction is reportedly not subject to antitrust or media regulatory approvals.
ProSiebenSat.1 intends to move closer to the European market leader RTL Group through the merger. In the future, ProSiebenSat.1 will operate in 13 European countries.
The new group includes 24 free TV stations, 24 pay TV stations and 22 radio stations, as the company explained. With a reach of more than 77 million TV households in Europe, ProSiebenSat.1 moves up to second place in the EU. The headquarters of the new group, which will continue to bear the name ProSiebenSat.1 Media, will be in Munich.
According to a pro-forma calculation for 2006, the acquisition of SBS will increase sales by 48 percent from EUR 2.1 billion to EUR 3.1 billion.
