ProSiebenSat.1 to buy back up to 10% of shares

German commercial broadcaster ProSiebenSat.1 is looking to buy back up to 10% of the company’s shares as part of an overall share buyback.

The company announced plans to initially buy back 2.5 million shares – or almost 2.3% of the company’s preferred stock and about 1.15% of its total share capital – as part of a strategy to strengthen its share price, which has been falling over the last few months. ProSiebenSat.1, which is owned by private equity firms KKR and Permira, had the resolution accepted by its Executive Board on Monday.