The Dutch Telegraaf Media Groep has said the company has agreed to take a minority stake in Germany’s ProSiebenSat1 Media. TMG owns 20% in SBS Broadcasting alongside Lavena Holding 4, the vehicle of private equity groups Kohlberg Kravis Roberts & Co and Permira. Lavena recently acquired a majority stake in ProSieben in a deal expected to conclude in the next two months.
In return for entering ProSieben, TMG would forgo its “first right to refusal” clause, which would have allowed it to block plans by equity companies to merge ProSieben into SBS.