KKR, Permira look for gradual ProSieben stake sale: sources
FRANKFURT (Reuters) - KKR (KKR.N) and Permira PERM.UL are looking to wind down their stake in German commercial broadcaster ProSiebenSat.1 (PSMGn.DE) after failing to find a buyer for all the shares, three people familiar with the matter told Reuters.
A gradual exit by the holding company controlled by the two private equity firms has become easier following the conversion of ProSieben's non-voting preference shares into more liquid voting common shares, which have been trading since Monday.
KKR and Permira bought a controlling stake in ProSiebenSat.1 in 2006 and merged it with SBS Broadcasting, a media group they had acquired a year earlier. They currently hold 44 percent of ProSiebenSat.1 between them.
"They prefer to sell to long-term investors," one of the sources said.
Permira and KKR declined to comment.
ProSieben shares have gained 50 percent this year, outperforming the European media benchmark .SXMP, which is up 17 percent.
(Reporting by Peter Maushagen; Writing by Harro ten Wolde; editing by David Evans)
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