MUNICH, Sept 19 (Reuters) - German media group ProSiebenSat.1 is looking at up to 10 potential takeovers to reduce reliance on its advertising-driven TV operation, Chief Executive Thomas Ebeling has told investors.
Potential acquisition targets include four in e-commerce, four in TV production and two in digital entertainment, Ebeling told a presentation organised on Monday by Berenberg Bank according to report by its media analyst.
A ProSiebenSat.1 spokesperson confirmed the CEO’s comments.
Munich-based ProSiebenSat.1 has built up a cash pile for acquisitions of around 1 billion euros ($1.2 billion) - half raised in a capital increase last year and half from disposals - and has yet to make a serious dent in it.
Ebeling also said he saw greater synergies between his group’s digital entertainment operations and broadcast, with an overlap of content and talent between ProSieben and its Maxdome streaming service.
ProSiebenSat.1 shares slumped to a four-year low last month after the company warned that TV advertising revenues would decline in the third quarter and that it might look for external investors.
Ebeling clarified in the investor presentation on Monday that advertising commitments were up by 1.9 percent for the full year for the group.
The company’s shares rose by 1.7 percent on Tuesday but remain close to the recent lows. ($1 = 0.8342 euros) (Reporting by Joern Poltz, Writing by Douglas Busvine. Editing by Jane Merriman)