LONDON/BERLIN, July 26 (Reuters) - German media group
ProSiebenSat.1 has reached out to potential buyers of
its online businesses Verivox and Flaconi, sources said, as it
seeks to respond to investor calls for it to focus on its core
operations.
In recent weeks advisory firm PJT Partners ( PJT ), which is
handling the sale of Verivox, has sent out information about the
price comparison website to potential bidders, according to two
sources with knowledge of the matter.
One of the sources said Verivox, which last year reported
sales of 162 million euros ($176 million), could be valued at
around 400-500 million euros. The second person quantified the
unit's core profit in 40 million euros.
A third person familiar with the process said ProSieben
had also opened a dataroom for its online perfume retailer
Flaconi, which had 2023 revenue of 389 million euros.
"We said ... that we would start the sale process for
Verivox and Flaconi. And that is exactly what we have done and
we are on track with the process," ProSieben said in statement.
PJT declined to comment.
Leading ProSieben investors MFE-MediaForEurope and
Czech investment firm PPF have both called on ProSieben CEO Bert
Habets to focus on the TV business and ditch non-core assets.
A motion put forward by MFE to force ProSieben to spin off
its e-commerce and online dating businesses fell just short of
the required majority at the company's April general meeting,
but ProSieben management said it would press ahead with the
disposal of Verivox and Flaconi.
According to a fourth source close to the matter, ProSieben
plans to complete at least one of the sales within the first
quarter of 2025, ahead of its annual general meeting.
JPMorgan analysts this month calculated the disposals of
Verivox and Flaconi could raise 670 million euros which
ProSieben could use to cut its net debt.
Both MFE and PPF tightened their grip on ProSieben's
supervisory board at this year's annual general meeting, with
their candidates prevailing over those put forward by the
company.
MFE, controlled by Italy's Berlusconi family, holds nearly
30% of ProSieben and has ambitions to create a European TV
champion. It operates in Italy and Spain.
PPF, which is ProSieben's No.2 investor with a 15% stake,
owns the CME television business with stations in six central
and eastern European countries and 49 million viewers.
($1 = 0.9215 euros)