February 22, 2018 / 7:04 AM / 3 months ago

ProSiebenSat.1 sells stake in digital business to General Atlantic

FRANKFURT, Feb 22 (Reuters) - ProSiebenSat.1 Media SE agreed to sell a 25.1 percent stake in its digital business to private equity firm General Atlantic in a deal giving unit NuCom an enterprise value of 1.8 billion euros ($2.21 billion), ProSieben said on Thursday.

The sale of the stake in the business, flagged by Reuters earlier this week, is part of ProSieben’s broader strategy of generating more revenues outside traditional TV advertising.

NuCom spans online dating, perfume and energy price comparison sites and generated more than 650 million euros of revenue in 2017, according to ProSieben.

ProSieben also reported fourth-quarter financial results on Thursday, with core profit (adjusted EBITDA) broadly flat at 390 million euros, beating consensus for 375 million in a Reuters poll.

The results are the last on the watch of outgoing CEO Thomas Ebeling. ProSieben on Wednesday said he would be replaced by Max Conze, the former boss of UK home appliances maker Dyson. ($1 = 0.8146 euros) (Reporting by Maria Sheahan)

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