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ProSiebenSat.1 and Axel Springer in merger talks

July 6, 2015 22.35 Europe/London By Jörn Krieger

ProSiebenSat.1MediaProSiebenSat.1 and Axel Springer are reputedly in talks to combine their businesses.

The companies envisage a tie-up with ProSiebenSat.1 emerging as the senior partner, reports The Wall Street Journal with reference to people familiar with the matter. The two players’ combined market capitalisation amounts to roughly €14.4 billion.

Negotiations are at an early stage and could still break down, according to the report. A deal would face several issues including regulatory approval.

The two companies know each other well: In 2005 Axel Springer wanted to buy a controlling stake in ProSiebenSat.1, but the Federal Cartel Office blocked the move, arguing that such a takeover would yield too much power to Springer.

Industry bankers and lawyers, however, say that the rise of digital rivals has changed the competitive landscape and could facilitate a deal, reports the paper. But they added that getting approval could require the companies to shed some assets.

Update: In connection with media reports regarding merger talks with ProSiebenSat.1, Axel Springer issued the following statement: “Although as a basic rule, Axel Springer SE does not comment on the substance of market speculations, the following applies: Axel Springer SE continues to pursue the transformation of the company’s legal form into a KGaA (partnership limited by shares/Kommanditgesellschaft auf Aktien) with the goal to secure the continuation of Axel Springer Gesellschaft für Publizistik GmbH & Co./Friede Springer’s control of the company on a long-term basis and open up growth options. Thus, speculations regarding a relinquishment of control are completely unfounded.”

Broadband TV Views: Jörn Krieger, German editor, Broadband TV News: A merger of ProSiebenSat.1 and Axel Springer makes perfect sense. The combination of financial power, synergies and local market knowledge would put the companies in a better position to fight off competition from US players like Google, Apple, Amazon, Facebook and Netflix.

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Related

Filed Under: Editor's Choice, Finance, Newsline, Platforms, Top Story Tagged With: Axel Springer, merger, ProSiebenSat.1 Edited: 8 July 2015 10:33

About Jörn Krieger

Jörn reports on the latest developments in Germany, Austria and Switzerland. Since 1992, he has been working as a freelance journalist, specialised in digital media, broadcast technology, convergence and new markets. He also takes up University lectureships, writes articles in specialist publications, and produces radio reports. Jörn is also a moderator of panel discussions at industry events such as ANGA COM, Medientage München and IFA Berlin.

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