Investment firms KKR and Permira have appointed JPMorgan to advise on options for a potential partial or full exit out of ProsiebenSat.1, according to reports in the FT and Bloomberg.
The two companies bought a €3.1 billion majority stake in the German private broadcaster in late 2006.
In 2011, ProsiebenSat.1 used €1.2 billion from the sale of its Belgian and Dutch TV assets to pay down loans. Last year the company used most of the €1.3 billion proceeds from the disposal of SBS, the company’s Nordic broadcasting assets, to Discovery Communications to reduce its debts.
Time Warner is monitoring the situation, according to the reports.
ProsiebenSat.1’s advisers may also approach publishing group Axel Springer, although antitrust issues may prevent it from bidding. Other potential candidates may include Comcast, Dohan and News Corp.