(Updates with comment from analyst in the fourth paragraph).
April 20 (Bloomberg) - Sanoma Oyj and a group of investors, including John De Mol has agreed to buy the Dutch and Belgian of ProSiebenSat.1 Media AG broadcasting and active print in a contract estimated at 1.23 billion euros ($1.8 billion).The Finland more major media company and De Mol, who helped create the "big brother" television show, buy Dutch assets of Munich broadcaster, including SBS 6 and Net5 TV channels, they said in statements today. In Belgium, Sanoma is partnering with media Corelio and sports group former Wouter Vandenahute journalist and television producer Erik Watte.The sale ends a strategic review of the ProSiebenSat.1 North European assets to reduce debt. More great the Germany private broadcaster said today that he decided to keep its companies in Scandinavia. Contenders for these assets included Modern Times Group AB and Discovery Communications Inc., a person familiar with the matter said. "" It's a step in the right direction, "said Conor O'Shea, an analyst with capital of Kepler in Paris markets. "The disappointing part is that they sell the Nordic company." I would have thought that they would have closed this transaction and that he continued to negotiate on the Nordic assets. "These assets can still be sold later, he said.This agreement is a first step in the reduction of the debts of ProSiebenSat.1 to a point where it is more consistent with his peers and where it might be interesting for the owners of private equity Kohlberg Kravis Roberts & Co. and Permira advisers LLP to reduce their game or sell pure and simple. "Nice Premium'Sanoma increased 3.6% to EUR 14,08 and traded at this level, 12: 20 in Helsinki. ProSiebenSat.1 falls as 4.7 percent in Frankfurt and is decreased by 2.8% to 18.19 euros. "There is no way KKR and Permira want to move by a slowdown in once again, O'Shea a." I think they will go out over the next 18 months and selling pieces is probably a better way to do so because you get a nice bonus each time and you are left to active German who does. " suffers a discount because they are not liable anymore. "At the end of 2010, net debt of ProSiebenSat.1 was 3.3 times recurring Ebitda. The objective is to obtain up to between 1.5 and 2.5 times, Director General Thomas Ebeling said today.Sanoma StrategyThe of assets which are part of today's agreement, including channel VT4 VIJF Belgium and SBS 6, Net5 and Veronica TV and magazine in the Netherlands, had sales of 404 million euros in 2010 and adjusted profit before intérêtsimp?ts and amortisation of 115 million euros. "" CEO Harri - Pekka Kaukonen, Sanoma will become a player key media in the Netherlands and significantly stronger in Belgium, "said in a statement.The assets of Sanoma includes the Finland main newspaper, Helsingin Sanomat, and television stations air-free Nelonen, Jim and Liv, cable, radio, books and magazines. "The company merged its TV and operations magazines in the media section of Sanoma earlier this year, saying it aimed to expand in these two areas in Europe".From a strategic perspective this seems a good thing for Sanoma, "said Mikael Doepel, an analyst with Handelsbanken Helsinki-based. "They increase their exposure to TV operations, which are part of new media and it is a good thing."The EBITDA MultipleThe deal represents a premium of 10.6 times Ebitda of 2010, according to ProSiebenSat.1. Over the past three years, transactions involving TV, radio and distribution of the goods services in Western Europe recovered a median multiple about 13 times, according to Bloomberg data. "" It is a decent multiple and at a significant premium to their own rating, "said O'Shea. It has a buy rating and a target price of 25 euros on the shares of ProSiebenSat.1. ProSiebenSat.1 trades to 5.9 times Ebitda.Under the deal, based in Helsinki Sanoma is paying EUR 566 million for purchase of 67 per cent of the Dutch activities and 33 percent of Belgian operations. The company plans to finance the deal with debt and predicted a positive effect on the earnings per share of 2012.Talpa Media, at Laren based at the Netherlands, is the holding company for the activities of media De Mol. The contractor has also approximately 26 per cent of Dutch television group RTL RTL Nederland. MOL began its own channel Dutch Talpa TV in 2005, this is not to attract enough viewers and later sold a part of the RTL Nederland.ProSiebenSat.1 program was advised by JPMorgan Chase & Co., while MilbankTweed, Hadley & McCloy LLP provided legal advice. Financial advisor to the Sanoma lead was ING Corporate Finance with Nordea as co-adviser. The two and BNP Paribas are lead arrangers and underwriters of the debt of Sanoma. Clifford Chance LLP served as legal adviser of Sanoma. Bank of America, Merrill Lynch and the law firm of Allen & Overy LLP advised Talpa.-With the help of Maaike Noordhuis in Amsterdam and Pavel Alpeyev in Tokyo. Editors: Kenneth Wong, Robert Valpuesta.
To contact the reporters on this story: Ragnhild Kjetland in Frankfurt to rkjetland@bloomberg.net; Diana ben-Aaron in Helsinki at dbenaaron1@bloomberg.net
To contact the editor responsible for this story: Kenneth Wong kwong11@bloomberg.net Cho Young-Sam to ycho2@bloomberg.net
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