Private equity firms KKR & Co and Permira positioned themselves for a hefty dividend from ProSiebenSat.1 and an exit from the German media group they control after it agreed to sell one of its best-performing units.ProSiebenSat.1, Europe's second-biggest media group after RTL, detailed plans on Friday to sell its Nordic operations to Discovery Communications for about $1.7 billion.The restructuring move paves the way for a KKR and Permira disposal after ProSieben converts its non-voting preference shares into voting common shares to attract a broader investor base for the Frankfurt-listed firm."It means the private equity owners are able to place up to their full 53 percent stake on the market at some point," said Goldman Sachs analyst Richard Jones.
Discovery Communications, Inc. (Discovery) is a global nonfiction media and entertainment company that provide programming across multiple distribution platforms worldwide. Shares of DISCA fell by 0.22% or $-0.13/share to $60.13. In the past year, the shares have traded as low as $39.33 and as high as $63.20. On average, 1286470 shares of DISCA exchange hands on a given day and today's volume is recorded at 316064.
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