Saban ups stake in ProSiebenSat.1

Exec increases controlling share to 75.1%

BERLIN — Haim Saban has increased his company’s share in German broadcasting group ProSiebenSat.1 from 72% to 75.1% following a capital increase completed Wednesday that raised E282 million ($337 million).

Company also announced two new execs as more members of the old guard step down. Dejan Jocic replaces Nicolas Paalzow as managing director of main channel ProSieben, while Hubertus Meyer-Burckhardt is joining ProSiebenSat.1’s executive board to head corporate development.

The capital increase is part of a comprehensive refinancing plan. ProSiebenSat.1 increased its existing shares by more than 24 million to nearly 219 million. Half the shares are listed preferred stock and half are unlisted common stock, which carry voting rights.

Fellow shareholding group Sat.1 Beteiligung, made up of publisher Axel Springer and the bankrupt Kirch Media, hold 24.9% of both common and preferred stock, while Saban holds 75.1% of the voting shares.

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