Private equity firms KKR and Permira to sell ProSiebenSat stake — report

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Buyout firms KKR & Co LP (NYSE:KKR) and Permira Advisers LLP are considering selling their majority interest in German broadcaster ProSiebenSat.1 Media AG (ETR:PSM) to a trade buyer, the Financial Times reported.

Informed people told the paper that the private equity firms had hired JPMorgan Chase & Co (NYSE:JPM) to help them review their options for a potential partial or full exit of the business. According to two of the sources, US media and entertainment company Time Warner Inc (NYSE:TWX) could be one of the potential bidders at this early stage.

The consultants may also offer the controlling interest to German newspaper publisher Axel Springer AG (ETR:SPR), which, however, may face certain antitrust issues. Comcast Corp (NASDAQ:CMCSA) and News Corp (NASDAQ:NWSA) are also considered as potential candidates.

In 2006, US-based KKR and UK-headquartered Permira acquired their majority stake in ProSieben for EUR3.1bn (USD4.2bn), valuing the entire company at about EUR5.9bn.

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