ProSiebenSat sells Dutch, Belgian channels for EUR 1.225 bln

News Video Belgium 20 APR 2011
ProSiebenSat sells Dutch, Belgian channels for EUR 1.225 bln
The ProSiebenSat.1 Group has agreed to sell its TV and print operations in the Netherlands and its TV business in Belgium for EUR 1.225 billion. The buyer of the SBS channels is a consortium including publisher Sanoma and John de Mol's investment company Talpa in the Netherlands and Corelio and Waterman & Waterman for Belgium. The production business in the Netherlands and Belgium is not included in the transaction and will remain part of ProSiebenSat.1 Group. The price is equal to 10.6 times assets, based on full-year 2010 adjusted EBITDA of EUR 115 million for the operations. ProSiebenSat.1 said this represents a significant strategic premium on its group trading multiple, bringing its strategic review to a successful close. Proceeds from the sale will be used to reduce debt.

Categories:

Video

Companies:

ProSiebenSat.1,  SBS

Countries:

Belgium,  Netherlands

Tags:

M&A buyouts & divestments

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