ProSiebenSat.1 Media SE is in exclusive negotiations with global private equity firm General Atlantic LLC over the sale of a minority stake in the former's digital division, Reuters reported, citing sources.
General Atlantic is reportedly among a small field of companies that offered to buy a stake of between 30% and 40% in the German media group's e-commerce portfolio, which includes dating, perfume and energy price comparison websites. The list of bidders also includes Swedish private equity firm EQT, earlier reports said.
A valuation of at least €1.7 billion was being considered for the entire business, the sources told Reuters.
A deal might be unveiled Feb. 22, when outgoing ProSiebenSat.1 CEO Thomas Ebeling presents the company's 2017 full-year results, according to the report.
Ebeling earlier reached an agreement with ProSiebenSat.1's supervisory board to step down after the company's Feb. 22 press conference. He reportedly caused anger after speaking negatively about TV channel ProSieben (DE)'s audience.