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GERMANY - Sale of ProSiebenSat.1 falls through

  • Catherine Craig
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Germany's Commission to Investigate Media Concentration (KEK) has rejected the takeover of ProSiebenSat.1 by Axel Springer. The media regulator made a final decision in January to block the sale by a fiancial consortium led by Saban Capital due to market-share concerns. On 1 February it was announced that ProSiebenSat.1 and German Media Partners had agreed to terminate the takeover with the management board of Axel Springer. The financial consortium also announced that, in spite of several expressions of interest from alternative buyers, a unanimous decision had been reached not to pursue another sale.

German Media Partners, a consortium led by Saban Capital Group alongside Quadrangle Capital Partners, Bain Capital Partners, Hellmann & Friedman, Thomas H Lee Partners, Providence Equity Partners and Alpine Capital, delisted approximately 50% of ProSiebenSat.1 in 2003, paying EUR 523m. The company owns four German TV channels, including ProSiebenSat.1. The financial investors agreed a sale of ProSiebenSat.1 to publishing giant Axel Springer in August 2005 valued at EUR 2.5bn.
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