US financial investor KKR has acquired a 5.2% stake in German commercial broadcaster ProSiebenSat.1.
KKR, which bought ProSiebenSat.1 with Permira in 2006 before selling it eight years later, said it was again backing the company because it offered value.
“We have decided to reinvest into ProSiebenSat.1 based on our belief that markets are currently undervaluing the company,” a KKR spokesman told Reuters. “We view this as a financial investment.”
ProSiebenSat.1 is now valued at less than half the sum paid by KKR and Permira 14 years ago, according to Reuters.
KKR follows the move by Italy’s Mediaset and Czech Media Invest (CMI) to invest in the troubled German media company which recently split up with its CEO Max Conze.
