The private equity owners of ProSiebenSat.1 have sold €196 million of preference shares in the German television broadcaster, highlighting a sharp recovery at the company that had been considered a potential write-off during the economic crisis.

Kohlberg Kravis Roberts and Permira, which bought a controlling stake in ProSieben four years ago in a deal valuing it at €5.7 billion, sold about 3.7 per cent of the Frankfurt-listed broadcaster, leaving them with a 53 per cent stake.

At the peak of the financial crisis, Permira and KKR had written their stakes in ProSieben down to almost zero. But they have been raising the holding value of their investment as the company’s prospects improved last year. The company has enjoyed a rebound in German advertising spending amid a recovery in Europe’s biggest economy. It also benefited from a strategic shake-up after the appointment of Thomas Ebeling from Novartis as its new chief executive in 2009.

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