ProSiebenSat A perpetual iniquity machine

Haim Saban has hit the jackpot with the sale of his controlling stake in German TV company ProSiebenSat.1 The Power Ranger billionaire took control of the country’s largest broadcaster at E7 per share when it emerged from bankruptcy in 2003. Now he’s selling his stake to newspaper publisher Axel Springer for three times the price. By comparison, minority investors have pulled the short straw. The reason is simple, if inequitable. Nearly all of Saban’s stake consists of unlisted ordinary shares,...