(Reuters) – KKR (KKR.N: Quote, Profile, Research, Stock Buzz) and Permira PERM.UL are looking to wind down their stake in German commercial broadcaster ProSiebenSat.1 (PSMGn.DE: Quote, Profile, Research, Stock Buzz) after failing to find a buyer for all the shares, three people familiar with the matter told Reuters.
A gradual exit by the holding company controlled by the two private equity firms has become easier following the conversion of ProSieben’s non-voting preference shares into more liquid voting common shares, which have been trading since Monday.
KKR and Permira bought a controlling stake in ProSiebenSat.1 in 2006 and merged it with SBS Broadcasting, a media group they had acquired a year earlier. They currently hold 44 percent of ProSiebenSat.1 between them.
“They prefer to sell to long-term investors,” one of the sources said.
Permira and KKR declined to comment.
ProSieben shares have gained 50 percent this year, outperforming the European media benchmark , which is up 17 percent