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NERD.
Last seen on: NewsDay Crossword January 21 2023
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ProSiebenSat.1 Media SE (officially abbreviated as P7S1, formerly ProSiebenSat.1 Media AG) is a German mass media & digital company. It operates in three segments: Entertainment, Dating and Commerce & Ventures. The company is listed on the Frankfurt Stock Exchange.
KirchMedia GmbH & Co. KGaA became the majority shareholder in ProSieben Media AG at the end of 1999. ProSieben Media AG and Sat.1 SatellitenFernsehen GmbH, which was also part of the Kirch group, merged in 2000. The company controlled various TV channels such as SAT.1, ProSieben and kabel eins.
The company nearly merged with KirchMedia GmbH in 2002, but the merger failed due to the insolvency of the Kirch group. The company’s stock price crashed following the failed merger. In 2003 the company was bought out by P7S1 Holding, which 25-percent owned by Haim Saban’s Saban Capital Group and other investors, who got an 88 percent voting share. Saban took over the TV channel group for 500 million euro. The remaining 12 percent belonged to Axel Springer AG.