ProSiebenSat.1 has announced that the transaction will be finalized by the beginning of July 2007. This takeover by ProSieben will make it the second largest television group in the European Union, operating in 13 European countries, including Romania. The group will offer 24 free television channels, 24 paid channels and 22 radio channels to an audience of 77 million. The new Munich-based television group will be called ProSiebenSat.1 Media.
Company officials said the transaction is not breaking antitrust laws or any law controlling the media sector.
"Geographically and strategically the SBS Broadcasting Group is a perfect choice for us. It will allow us to continue diversifying our sources of revenue. ProSiebenSat.1 and SBS create a platform with growth potential on new markets, which can invest in new TV channels, online services and show production," Guillaume de Posch, CEO ProSiebenSat.1 Media AG, told Business Standard.
In Romania, SBS Broadcasting controls television channels Prima TV and Kiss TV, as well as Kiss FM, Magic FM and Mix FM radio stations. SBS Broadcasting was bought by investment companies KKR and Permira in 2005 for approximately €1.9 billion. The two investment funds also own the majority package of ProSiebenSat.1 Media since 2007. The ProSiebenSat.1 Media group is one of the largest companies in Germany and owns the ProSieben, Sat.1, N24, and Kabel1 TV channels.
