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Czech Media Invest buys 4% stake in ProSiebenSat.1

Czech Media Invest a.s. acquired a stake of about 4% in German media company ProSiebenSat.1 Media SE, Reuters reported, citing confirmation from the company.

Czech Media Invest's stake acquisition in ProSiebenSat.1 is in response to a call from its shareholders to ensure growth within Europe, the report said, citing a statement from Czech Media Invest Finance Director Branislav Miskovic. The acquisition is part of a move to build up a portfolio of minority stakes in European media companies.

The financial details of the transaction were undisclosed.

The news comes months after Italian media company Mediaset SpA acquired a 9.6% stake in ProSiebenSat.1.