KKR builds 5.2% stake in ProSieben, says company undervalued

), becoming the third investor to amass a sizable shareholding in the struggling German broadcaster.

“We have decided to reinvest into ProSiebenSat.1 based on our belief that markets are currently undervaluing the company,” a KKR spokesman told Reuters. “We view this as a financial investment.” “We view it as a positive signal that, in addition to Mediaset and CMI, other market participants see ProSieben as an attractive investment - even at a time of crisis,” ProSieben said in a statement.

Chief Financial Officer Rainer Beaujean was promoted to the top job just as the coronavirus pandemic hit Germany, causing advertising revenue to collapse by 40% in April.

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