German TV group sold in record deal

The private equity consortium behind ProSiebenSat.1 Media, Germany’s largest commercial television group, has sold its 52% stake in a €2.47bn deal, making it Germany’s largest ever media transaction.

Axel Springer, Europe’s largest newspaper publisher, now owns 100% of the shares in the company following the divestment by German Media Partners, a consortium consisting of US media entrepreneur Haim Saban (Saban Capital Group), Bain Capital Partners, Hellman & Friedman, Providence Equity Partners, Quadrangle Group and Thomas H. Lee Partners. The sale generated a reported 3x multiple.

The consortium took a 52% share in August 2003 in a €1.1bn LBO from the Kirch Group, which went entered into administration earlier that year.

ProSiebenSat.1 Media and Axel Springer will now merge, making it the second largest media group in Germany behind Bertelsmann.