BRIEF-HNA Group reports 25 pct stake in Park Hotels & Resorts
* HNA Group Co Ltd reports 25 percent stake in Park Hotels & Resorts Inc as of March 15, 2017 - SEC filing Source: (http://bit.ly/2oevTFJ) Further company coverage:
* Received offers worth more than 1.3 bln euros each
* Bidders are Providence, Nordic Capital and Discovery
FRANKFURT/STOCKHOLM Oct 31 ProSiebenSat.1 has attracted three offers worth more than 1.3 billion euros ($1.7 billion) for its Nordic TV channels, two people familiar with the matter said on Wednesday, which may help to reduce the group's debt.
The bidders are private equity firms Nordic Capital and Providence Equity Partners as well as cable network Discovery Communications, three people said.
Binding offers are due to be submitted by the start of December, and with bids at this level, a sale will likely succeed, one of the people familiar with the process said.
Providence, Nordic Capital and ProSieben declined to comment. Discovery Communications could not be reached for comment. Private equity firm BC Partners, which had also been interested, is no longer among the bidders, one of the sources said.
ProSieben's Nordic activities generated 476 million euros in revenue in 2011 out of a group total of 2.97 billion euros. The unit has not disclosed separate earnings results.
The German TV company had halted a first attempt to sell the division last year but said in August it had restarted the sale as interest in the TV channels picked up.
Key audiences in Denmark, Sweden, Norway and Finland increased in the first half of this year.
In Denmark market share jumped to 18.9 percent from 16.2 percent a year earlier, while it has 18.8 percent of the Norwegian market, up from 16.9 percent a year earlier.
One source said a bid at 1.3 billion euros would value the assets at approximately ten times earnings before interest taxes depreciation and amortization (EBITDA).
ProSieben is controlled by private equity firms KKR & Co and Permira, which together own 88 percent of its voting shares. Dutch publisher Telegraaf Media Group owns 12 percent of the voting shares.
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