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ProSieben's e-commerce arm buys Meet Group for $500 million

BERLIN (Reuters) - ProSiebenSat.1 Media <PSMGn.DE> said on Thursday its e-commerce arm NuCom would buy U.S. dating app developer Meet Group Inc <MEET.O>, as the German broadcaster doubles down on digital growth to offset its declining commercial TV franchise.

NuCom will pay $6.30 a share in the agreed deal, putting an enterprise value on Meet Group at $500 million, both companies said. Reuters first reported the deal late on Wednesday, lifting Meet Group's shares by 23% to close at $6.82.

(Reporting by Douglas Busvine; Editing by Michelle Martin)