KKR, Permira hire JPMorgan to explore sale
A juicy European asset just went on the block as the private equity owners of Germany’s ProSiebenSat.1 Media want to shed their 53% interest in the giant broadcaster.Buyout firms KKR and Permira have hired JPMorgan to explore a sale this year, according to a report in the Financial Times. With domestic markets fairly saturated, U.S. media companies have been actively expanding overseas, keeping close tabs on what’s for sale. Bidders for the asset could include Time Warner, Comcast, News Corp. and German publisher Axel Springer. KKR and Permira bought the stake in 2006 for 3.1 billion euros (about $4 billion). Late last year, ProSiebenSat.1 sold Scandinavian-based SBS Broadcasting Group to Discovery Communications for $1.7 billion.