ProSieben: Tuning in

Prosieben’s E3.3bn purchase of SBS Broadcasting, creating Europe’s second largest television provider after RTL, has been in the works for months. The tricky part of the deal was figuring out how much to pay for SBS, and what the synergies might be. KKR and Permira bought a 50.5% stake in ProSieben last year, and the pair also own a majority of SBS. The buyout firms had to get the numbers right to avoid accusations of conflict of interest. After all, ProSieben’s other public shareholders might h...