Dutch publisher Telegraaf Media Groep (TMG) has sold its 6% stake in German media giant ProsiebenSat.1 Media for roughly €391 million.
The deal was agreed for €30 per-share and marks a premium on the €230.8 million value that TMG attributed to the stake in its last consolidated annual accounts, as of December 31, 2012.
“TMG has a clear ambition to be the Dutch media company of the future and TMG’s holding in ProSiebenSat.1 as such is non-core. The recent listing of our common shares in ProSiebenSat.1 presented an opportunity to sell our stake,” said TMG’s chief finance officer Fred Arp.
In August, ProSiebenSat.1 reported strong second quarter earnings, buoyed by gains in it channels and digital businesses. Revenue for Q2 was €624.8 million, up 11.4% from €561 million in 2012, while the firm increased underlying net income by 4.5 % to €104.3 million, up from €99.8 million for the same period last year.
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