FRANKFURT, Nov 8 (Reuters) - ProSiebenSat.1 Media on Thursday said its recent takeover of eharmony was priced at an adjusted enterprise value of $85 million, equivalent to less than one time revenues of the U.S. dating site.
The Munich-based broadcaster disclosed the deal value in a presentation on a strategy update. The company is cutting its dividend payout ratio, lowering its revenue and profit guidance, and taking a hit on U.S. studio contracts.
ProSieben is folding eharmony into its Parship Elite unit as part of a strategy to diversify into e-commerce and reduce its exposure to weak advertising and viewership for old-style commercial TV. (Reporting by Douglas Busvine, editing by Riham Alkousaa)
Our Standards: The Thomson Reuters Trust Principles.