LONDON -- Private equity firms Kohlberg Kravis Roberts and Permira have completed their exit from German broadcaster ProsiebenSat.1.
The firms have sold their remaining 17% stake in the company to unnamed institutional investors for Euros 1.26 billion ($1.7 billion). Dow Jones Newswires said demand was particularly strong in the U.S.
ProSieben shares have risen 47% in the past year as revenue forecasts have improved. Its share were trading at Euros 35.10 ($47.59) on Friday. Optimism has been fueled by its success in converting customers of its TV operations to its online services.
It is expected to join the DAX, the index for blue-chip stock trading on the Frankfurt Stock Exchange, later this year.
ProSieben owns Red Arrow Entertainment, which produces and sells TV shows to TV stations worldwide, including ABC's cooking format "The Taste." It also co-produces drama series for the international market, such as Netflix's "Lilyhammer" and "Jo," starring Jean Reno. Red Arrow owns 18 production companies in nine countries, including Endor Prods. in the U.K., which produced "The Escape Artist," starring David Tennant, and "Restless," starring Hayley Atwell, and Kinetic Content in the U.S.
KKR, Permira Exit from German Broadcaster ProsiebenSat.1
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