|Bid||12.91 x 15900|
|Ask||12.93 x 3600|
|Day's Range||12.68 - 12.98|
|52 Week Range||10.66 - 21.41|
|Beta (3Y Monthly)||-0.47|
|PE Ratio (TTM)||9.76|
|Earnings Date||Nov 7, 2019|
|Forward Dividend & Yield||1.19 (9.30%)|
|1y Target Est||21.78|
(Bloomberg) -- Daniel Kretinsky, who owns a $7.8 billion Czech energy conglomerate, bought a minority stake in a leading German entertainment company in a contrarian bet on the future of European television industry.The billionaire is the largest shareholder in Czech Media Invest, which has bought about 4.1% in ProSiebenSat.1 Media SE, according to a statement late Friday. It’s the first step in CMI’s new strategy to purchase minority shareholdings in the continent’s media companies.The group, which owns several Czech news publications as well as a stake in French newspaper Le Monde, is diversifying into the nationwide television business, which it sees as able to compete alongside digital platforms to be the dominant advertising format.“We do not share the skepticism held by the majority of the market as seen through the decline in the valuations of several European television groups,” CMI board member Branislav Miskovic said in the statement.Kretinsky, with a net worth of at least $3 billion according to the Bloomberg Billionaires Index, holds 50% of CMI, while his long-term investment partner, Patrik Tkac, has a 40% stake. Earlier this year, the duo tried to take over German wholesaler Metro AG, but their 5.8 billion-euro ($6.5 billion) bid was rebuffed.Going against a prevailing market trend is a hallmark of Kretinsky’s investment strategy. In the last decade, his main business EPH has acquired a number of conventional energy assets across Europe, betting that the region will continue to rely on coal and gas for electricity even as nations push for more use of renewable energy.In about a decade, a debt-fueled acquisition spree turned EPH from a small Czech utility into one of the biggest power companies in central Europe. It had revenue of 7 billion euros last year and valued its assets in the Czech Republic, Slovakia, Germany, Italy, the U.K., Hungary and Poland at about 13.3 billion euros.ProSieben shares have gained 3.5% this month, but the stock is still down 16% since the start of the year, valuing the company at 3 billion euros. Its 15 free and pay channels reach 45 million TV households in Germany, Austria and Switzerland every day, according to CMI data. Last year, ProSiebenSat.1’s digitial platforms achieved 3 billion video views.”We welcome every investor in P7S1 and see this as a confirmation of our strategy,” ProSieben spokeswoman Susanne Brieu said by phone Saturday.Via CMI, Kretinsky owns four daily newspapers and several dozen magazines and web titles. The company also has two printing houses and owns major radio stations in the Czech Republic and Romania. Apart from the Le Monde stake, CMI also owns the French version of Elle magazine and the weekly Marianne.\--With assistance from Stephan Kahl.To contact the reporter on this story: Peter Laca in Prague at firstname.lastname@example.orgTo contact the editors responsible for this story: Balazs Penz at email@example.com, John Viljoen, Christopher ElserFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
ProSiebenSat.1 Media rallied over 4% as UBS upgraded the company to buy from neutral. While structural threats to the model are well known, UBS said ratings have recovered, total video viewing has stabilized, the launch of Joyn has been successful and content costs are more controllable. UBS said it's too cheap to ignore despite the macro headwinds.
CEO Max Conze, in the job for just over a year, highlighted double-digit growth at Munich-based ProSieben's content production, e-commerce and digital advertising operations, which more than offset a 3% slide in its core TV ad revenues. The former boss of British home appliances maker Dyson said he was open to cross-border cooperation as ProSieben develops its streaming, e-commerce and digital advertising ventures. "We are going to be busy with this for the rest of the year," Conze told Reuters in an interview.
German broadcaster ProSiebenSat.1 Media will launch its streaming joint venture with Discovery Inc, on June 18, with a premium version planned to go live in the coming winter, CEO Max Conze said on Wednesday. The venture, called Joyn, is a key plank of Conze's strategy to turn around the fortunes of ProSieben as it battles weak advertising on its commercial channels and digital platforms like Netflix lure away younger viewers.
MILAN/FRANKFURT, May 31 (Reuters) - Broadcasters ProSiebenSat.1 and Mediaset denied a newspaper report on Friday that they were in talks on creating a pan-European TV company after the Italian media house bought a 9.6% stake in its German rival this week. The holding company would be based in the Netherlands or Belgium and not in countries such as Italy, Spain or Germany where the broadcasters have much of their business, Italian daily Il Messaggero reported, citing a plan drawn up by Mediaset's adviser Citi. ProSieben was focusing on the launch next month of its streaming joint venture with Discovery Inc, called Joyn, as well as initiatives to develop 'smart' advertising, Conze added in a statement.
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ProSiebenSat.1 Media will launch its new streaming venture in June as the German broadcaster seeks to expand the digital side of its business to compensate for a decline in TV advertising. The initial version of 'Joyn' - a mashup of the words 'joy' and 'join' - will be ad-funded, with subscription options expected in late autumn or early winter, CEO Max Conze said. Conze, who has spent two million euros of his own cash in the last six months buying ProSieben shares, wants to build a digital media and e-commerce powerhouse.
Shares in German broadcaster ProSiebenSat.1 Media jumped on Thursday after a filing showed CEO Maximilian Conze bought nearly a million euros worth of shares in the company. Conze bought shares worth a total of 995,673.43 euros (£854,567.57) at 13.64 a share on April 26, the filing showed. A spokeswoman for ProSiebenSat.1 said the share purchase went far beyond Conze’s contractual commitments and represented an expression of confidence in his strategy.
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ProSiebenSat.1 Media SE (ETR:PSM), which is in the media business, and is based in Germany, saw a double-digit share price rise of over 10% in the past couple of months on the XTRA...
Shares in ProSiebenSat.1 and Mediaset rose on Wednesday after the chairman of the Italian broadcaster said the company was still studying a possible cross-border deal. Mediaset's top executives have repeatedly raised the idea of creating a pan-European TV player to fend off competition from established rivals and online content providers such as Netflix. Germany's ProSiebenSat 1 Media has been seen as a possible partner for Italy's biggest commercial broadcaster which is owned by the family of former prime minister Silvio Berlusconi.
Shares in ProSiebenSat.1 and Mediaset rose on Wednesday after the chairman of the Italian broadcaster said the company was still studying a possible cross-border deal. Mediaset's top executives have repeatedly floated the idea of creating a pan-European TV player to fend off competition from established rivals and online content providers such as Netflix. Germany's ProSiebenSat 1 Media has been mentioned as a possible partner for Italy's biggest commercial broadcaster which is owned by the family of former prime minister Silvio Berlusconi.
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German broadcaster ProSiebenSat.1 Media said its earnings would fall mainly in the second and third quarters of 2019, as it expenses investments in its entertainment business. CEO Max Conze, who joined in June from British home appliances maker Dyson, has shaken up the management but has yet to persuade investors he can compete with streaming giants like Netflix.
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The stock has fallen 26 percent since he unveiled his vision for the German broadcaster in November, which involves a focus on ramping up production of German language content and extending the investments in new digital offerings that were started by his predecessor. Replacing the chief commercial officer, who manages the relationship with advertisers, is particularly worrying at a time when ad revenue is already declining.