October 14, 2018 / 8:24 AM / 2 months ago

ProSieben CEO wants to double market value in five years

COLOGNE, Germany (Reuters) - The chief executive of ProSiebenSat.1 Media wants to double the market value of the German broadcaster in the next three to five years, he was quoted as telling a newspaper on Sunday.

“Our television business is actually worth 50 percent more,” Max Conze told the Frankfurter Allgemeine Sonntagszeitung.

“Many analysts see television companies in a death spiral, while we are certain that entertainment is a growth business.”

Conze said he sees ProSieben’s portfolio of internet investments in companies such as online dating agency Parship or online beauty retailer Flaconi as the main lever for a higher market capitalization.

“That was nothing five years ago, today it is worth 2 billion euros ($2.31 billion) and should double in five years,” he said.

“In three or five years, these companies will be worth as much as ProSiebenSat.1 in total. I am sure that the market will honor that.”

Conze, who took became CEO at mid-year, told Reuters last month he wanted to execute on strategy after ProSieben restructured into three divisions spanning entertainment, content and e-commerce.

Reporting by Emma Thomasson; editing by Jason Neely

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