At ProSiebenSat.1, a decision on US private equity firm General Atlantic (GA) taking stake in the company has been delayed. The German TV broadcaster announced that the Supervisory Board was „currently still dealing with individual aspects of a possible transaction with General Atlantic“ and had „accordingly not yet made a decision on such a transaction“.

In an ad hoc announcement on 5 March, ProSiebenSat.1 Media SE confirmed media reports that it is in discussions regarding a potential acquisition of General Atlantic's minority shareholdings in NuCom Group (excluding Verivox or flaconi) and ParshipMeet Group. The discussions also include the potential issuance of a mandatory convertible bond and, if applicable, the transfer of treasury shares of ProSiebenSat.1 Media SE to General Atlantic as consideration for the acquisition.

The discussions are related to the ongoing sales processes for the shareholdings in Verivox and flaconi held by the ProSiebenSat.1 Group via NuCom Group. A transaction with General Atlantic requires that at least one of the two shareholdings is sold at the same time. If, initially, only one of the two shareholdings is sold, General Atlantic would prospectively in the future hold its minority interest in the company not sold, i.e. either Verivox or flaconi, directly and not, as currently, indirectly through NuCom Group.

There may be concerns from the major shareholders Media for Europe (MFE) of Italy, and Czech firm PPF, whose shares would be diluted by the deal. ProSieben.Sat1 had announced that a transaction with General Atlantic would require the simultaneous sale of at least one of the shareholdings, Verivox or Flaconi. In future, General Atlantic would hold the remaining stake directly and no longer via the holding company NuCom Group as before.

The sale of Verivox could now also be delayed at the very least. Bloomberg has reported that an agreement on the sale to the Italian Moltiply Group is on the way.

ProSieben.Sat1 has been under pressure for years from its major shareholders MFE, formerly Mediaset, which holds almost 30% of the shares, and the PPF (13%) to sell peripheral businesses such as Verivox and Flaconi and to focus on its core television business. This is intended not least of all to reduce debt. There is speculation that MFE, which is controlled by the Berlusconi family and has gradually increased its stake in ProSieben.Sat1 over the years, is planning to take over the German TV station, with the aim of establishing a European broadcasting group. The Italian group has secured the funds for this. MFE, which is close to the threshold at which a takeover bid must be submitted, declined to comment on the latest developments regarding the German investment, in reponse to an inquiry.