The World: Munich - Axel Springer to buy ProSiebenSat 1 majority stake

The German publisher Axel Springer is set to take a majority share in the German commercial broadcasting group ProSiebenSat 1 in a deal that values the company at EUR3.6 billion.

The deal, which will see the publisher increase its voting shares in the channel from 12 per cent to 100 per cent, is undergoing an extended three-month approval process by the German media watchdog The Federal Cartel Office.

ProSiebenSat 1 operates four channels: ProSieben, Sat1, Kabel 1 and N24. It was sold by the bankrupt KirchMedia group in 2003 to the US media mogul Haim Saban. Saban will remain a shareholder of the merged group and the chairman of the TV supervisory board.