ProSiebenSat1 agrees capital hike to fund expansion course

BERLIN, Nov 3 (Reuters) - German broadcaster ProSiebenSat.1 will increase its share capital by about 6.5 percent to fund an expansion programme, it said.

The placement price will not be substantially below ProSiebenSat1’s current stock price, the company said. The broadcaster will raise about 500 million euros ($555.90 million), according to Reuters calculations.

The funds will be used for buying other companies as well as taking stakes in other firms, particularly in the digital space, it said.

ProSiebenSat1 said its dividend policy will remain unaffected by the transaction. The placement of the shares will be concluded by Nov. 4. ($1 = 0.8994 euros) (Reporting by Andreas Cremer; Editing by Georgina Prodhan)