Křetínský is the CEO and majority owner of Energetický a průmyslový holding (EPH), a Prague-based company that invests mainly in the energy sector in Europe. He also is the largest shareholder in CMI, which has acquired 4.1% of the German broadcaster.
The purchase marks the first investment from CMI in the TV industry. The group owns a number of news publications in the Czech Republic and holds a stake in French newspaper Le Monde.
While in recent times ad spend has rapidly been shifting to digital platforms, the company believes that the national TV business is just as competitive.
In a statement, board member Branislav Miskovic said: “We do not share the skepticism held by the majority of the market as seen through the decline in the valuations of several European television groups.”
Křetínský owns 50% of CMI, while his investment partner Patrik Tkac holds a 40% stake.
Earlier in 2019, the pair attempted to buy German multinational wholesale/cash and carry group Metro AG, launching a €5.8 billion bid that was turned down.
Tkac has also purchased his own 3.6% stake in the company, surpassing the 3% threshold that triggers a disclosure requirement.
Responding to the latter news, ProSieben said: “We welcome every investor in ProSiebenSat.1 and see this as a confirmation of our strategy.”
The investments follow the 9.6% purchase of the broadcaster from Italian Mediaset. Mediaset has said that it would be open to a possible merger as it looks to build its pan-European media group.