ProSieben starts sale process for e-commerce assets ahead of MFE showdown [Reuters]
PROSIEBENSAT1 MEDIA U/ADR (PBSFY)
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Source: Reuters
, opens new tab has begun the process of selling two e-commerce businesses, a key demand from top investor MFE-MediaForEurope (MFEB.MI) New Tab , opens new tab , the German broadcaster reported on Wednesday, but it reiterated an appeal to shareholders to oppose a break-up of the company. "We have improved the profitability of our e-commerce businesses and initiated a sale process with banks for two of our largest assets, Verivox and Flaconi, to maximise value," ProSieben CEO Bert Habets said. Flaconi is an online perfume retailer and Verivox is a price comparison website. MFE, which holds nearly 30% of ProSieben, wants the company to shed both its e-commerce and dating businesses in order to focus on television, in an asset split that could eventually lead it to make a buyout approach for ProSieben's TV business. Shareholders are scheduled to vote on the plan on April 30, with one investor - Amber Capital - telling Reuters it would back the strategy shift put forward by MFE
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