General Atlantic is in discussions to acquire a minority stake in German broadcaster ProSiebenSat.1 as the company restructures its digital asset ownership, according to sources cited by Reuters. 

ProSieben’s supervisory board reviewed the potential transaction in a recent meeting.

The private equity firm already holds stakes in ProSieben’s digital businesses, including price comparison platform Verivox, e-retailer Flaconi, and dating service ParshipMeet Group. ProSieben is looking to buy out General Atlantic’s holdings in ParshipMeet and NuCom Group, which owns Verivox and Flaconi, to streamline ownership ahead of planned divestitures.

To finance the buyout, ProSieben is considering a mandatory convertible bond or treasury shares, removing General Atlantic’s ability to block the sales of Verivox and Flaconi. Another option involves issuing up to 23.3 million shares (10% of share capital) without requiring a shareholder vote, pending supervisory board approval. Hear more about acquisitions and financing in the DACH region by joining the DACH Private Equity Conference in Munich. 

If pursued, this move would dilute current shareholders, including MFE-MediaForEurope, which holds a 30% stake in ProSieben. Controlled by the Berlusconi family, MFE has been positioning for a potential takeover, securing €3.4bn in financing to fund an acquisition bid later this year. Its plan also includes €2.1bn for refinancing ProSieben’s debt if it surpasses the 50% voting threshold that triggers a change-of-control clause.

With a market capitalisation of €1.4bn, ProSiebenSat.1 remains a strategic asset in the evolving European media landscape. Both General Atlantic and ProSieben declined to comment on the ongoing discussions.