ProSiebenSat.1 Media has staked a $500 million bet on romance by buying U.S. dat...
), but the deal was a turn-off for investors who sent the German broadcaster’s shares down as much as 10% to a decade low.
The deal, the boldest move yet by CEO Max Conze to escape a downward slide in ProSieben’s core commercial TV franchise, foresees folding Meet Group into NuCom’s own dating business, Parship Group, with a view to a possible listing in 2022. Analysts expressed concern that the Meet Group deal and risks to profitability could further strain ProSieben’s capacity to support a debt burden that, at 2.6 times core earnings, is already outside management’s target range.
Italy’s Mediaset , which has amassed a 15% stake in ProSieben as part of a wider push to bring about broader TV industry consolidation in Europe, declined to comment.Although ProSieben owns 75% of NuCom and General Atlantic 25%, the Meet Group deal was structured so that ProSieben actually committed less cash than General Atlantic to the takeover.
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