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ProSiebenSat.1 looks to offload pharmacy start-up Windstar Medical

ProSiebenSat.1 has put online pharmacy Windstar Medical up for sale.

According to sources cited by Reuters, while Windstar is profitable, the German broadcaster is looking to streamline its technology investments.

It is understood that any deal could be valued at around €250 million, with non-binding offers due in the near future.

The move to offload the unit follows on from an announcement in March from ProSieben that it would review all of its existing investments and evaluate if there are synergies with its existing core businesses. It also said that it would assess whether it is the best owner for individual companies.

ProSieben, through its subsidiaries like NuCom, has developed a habit of buying up businesses which have little relevance to its core broadcasting and entertainment focus. One such buy was of the US online dating and social entertainment provider The Meet Group – valued at approximately US$500 million.

The decision to refocus on entertainment was made after the departure of former CEO Max Conze, with the company announcing that it would have a “changed strategic focus” to concentrate on entertainment services in Germany, Austria and Switzerland.

The Covid-19 pandemic also caused the company to pull its financial guidance for the year, with it being responsible for a 40% reduction in ad revenues.

The new management under CEO Rainer Beaujean is also having to look over its shoulder at a potential takeover attempt from Mediaset. The Burlesconi family-controlled Italian broadcaster in April capitalised on a vulnerable financial position to increase its stake to 24.9% – a total that takes it to within a hair’s breadth of the threshold that would trigger a concentration probe.