ProSiebenSat.1’s supervisory board postponed a decision on a deal that would have given General Atlantic a minority stake in the broadcaster, instructing management to renegotiate the terms before reconsideration.

The delay raises further uncertainty around ProSieben’s ongoing asset restructuring, which private equity investors are closely monitoring.

General Atlantic, a co-investor in ProSieben’s digital portfolio, holds stakes in Verivox, Flaconi, and ParshipMeet Group. The broadcaster has been working to divest these assets, but General Atlantic’s blocking rights have complicated potential sales. Earlier this month, ProSieben proposed acquiring the private equity firm’s stakes in ParshipMeet and NuCom Group in exchange for a mandatory convertible bond.

However, a key concern for the board was the structure of a contingent capital increase, which would allow ProSieben to issue up to 23.3 million new shares (10% of its share capital). This move would dilute existing shareholders, including MFE-MediaForEurope, which holds nearly 30% of ProSieben—just below the threshold that would trigger a mandatory takeover bid under German law.

MFE, controlled by the Berlusconi family, has secured €3.4bn in financing, fuelling speculation of a potential takeover bid later this year. The company is pursuing a strategy to consolidate European broadcasters under an ad-supported model.

ProSieben confirmed it is still reviewing the transaction and has not yet reached a final decision. If revised terms are agreed upon, the acquisition of General Atlantic’s stakes could unlock further value by enabling the sale of Verivox and Flaconi.

With private equity firms and strategic investors closely watching ProSieben’s next move, the outcome of these negotiations could reshape ownership dynamics in the European media landscape.