ProSieben seeks potential suitors for e-units Verivox, Flaconi, sources say

LONDON/BERLIN (Reuters) - German media group ProSiebenSat.1 has reached out to potential buyers of its online businesses Verivox and Flaconi, sources said, as it seeks to respond to investor calls for it to focus on its core operations.

In recent weeks advisory firm PJT Partners, which is handling the sale of Verivox, has sent out information about the price comparison website to potential bidders, according to two sources with knowledge of the matter.

One of the sources said Verivox, which last year reported sales of 162 million euros ($176 million), could be valued at around 400-500 million euros. The second person quantified the unit's core profit in 40 million euros.

A third person familiar with the process said ProSieben had also opened a dataroom for its online perfume retailer Flaconi, which had 2023 revenue of 389 million euros.

"We said ... that we would start the sale process for Verivox and Flaconi. And that is exactly what we have done and we are on track with the process," ProSieben said in statement.

PJT declined to comment.

Leading ProSieben investors MFE-MediaForEurope and Czech investment firm PPF have both called on ProSieben CEO Bert Habets to focus on the TV business and ditch non-core assets.

A motion put forward by MFE to force ProSieben to spin off its e-commerce and online dating businesses fell just short of the required majority at the company's April general meeting, but ProSieben management said it would press ahead with the disposal of Verivox and Flaconi.

According to a fourth source close to the matter, ProSieben plans to complete at least one of the sales within the first quarter of 2025, ahead of its annual general meeting.

JPMorgan analysts this month calculated the disposals of Verivox and Flaconi could raise 670 million euros which ProSieben could use to cut its net debt.

Both MFE and PPF tightened their grip on ProSieben's supervisory board at this year's annual general meeting, with their candidates prevailing over those put forward by the company.

MFE, controlled by Italy's Berlusconi family, holds nearly 30% of ProSieben and has ambitions to create a European TV champion. It operates in Italy and Spain.

PPF, which is ProSieben's No.2 investor with a 15% stake, owns the CME television business with stations in six central and eastern European countries and 49 million viewers.

($1 = 0.9215 euros)

(Reporting by Amy Jo Crowley in London, Klaus Lauer and Matthias Inverardi in Berlin, and Elvira Pollina in Milan, writing by Elvira Pollina; Editing by Valentina Za and Jason Neely)