(Bloomberg) -- ProSiebenSat.1 Media SE is in talks to sell price-comparison site Verivox to Italy’s Moltiply Group SpA, as the German broadcaster seeks to divest non-core assets and focus on its entertainment business, according to people familiar with the matter.
An agreement could be reached as early as January, said the people, who asked not to be identified because the discussions are private. Verivox could fetch more than €250 million ($263 million), they said.
While talks are progressing, they could still be delayed or fall apart, the people said. Private equity firm General Atlantic will also have a say in the discussions because it owns a minority stake in NuCom, the organization within ProSieben that controls assets like Verivox.
Representatives for ProSieben, Moltiply and General Atlantic declined to comment.
ProSieben management has been shifting the company’s focus to its entertainment businesses and looking at options to get rid of unrelated operations since 2023. The company said last month that discussions with interested parties for these assets, including Verivox and online beauty shop Flaconi, are progressing. ProSieben lowered its profit outlook in November, citing a deterioration in television advertising.
Reuters reported last month that online price-comparison site Moltiply was the sole bidder for Verivox. The news agency previously said the asset could fetch €400 million to €500 million. Italian newspaper Il Sole 24 Ore reported last week that a sale could happen in the coming days. Analysts at Kepler Cheuvreux have estimated that Verivox is worth about €250 million.
Any deal will be closely watched by ProSieben’s top shareholder, MFE-MediaForEurope NV, the broadcaster owned by Italy’s Berlusconi family. MFE last month had urged ProSieben to sell non-core assets to reduce the company’s debt pile.
MFE Chief Executive Officer Pier Silvio Berlusconi is looking to create a pan-European TV group and arranged a €3.4 billion credit facility to make acquisitions and accelerate his plans. The CEO — son of the late media tycoon-turned-politician Silvio Berlusconi — hasn’t ruled out a bid for ProSieben, but said the Italian company’s resources could also be directed at other targets.
MFE first acquired a stake in ProSieben in 2019, and the Cologno Monzese, Italy-based group has since gradually raised its holding to just below the 30% takeover threshold.
--With assistance from Daniele Lepido.
(Updates with General Atlantic response in fourth paragraph.)
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