Reuters: KKR, Permira Look for Gradual ProSieben Stake Sale: Sources

(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