Members of ProSiebenSat.1’s board of directors have been busy buying up the company’s shares, which is generally seen as being a gesture of support.

Equity analysts at investment bank Exane/BNPP reported on the moves, gleaned from regulatory filings made by the broadcaster and reported by German newspaper Handelsblatt.

The bank says: “Pro7’s new CEO, Max Conze has acquired more [shares] 2 million shares worth ~€38 million since arriving in July. Chairman of the broadcaster’s Supervisory Board, Werner Brandt, acquired €63,000 of stock in November. But others have acquired in recent weeks; Ketan Mehta shares worth €175,000. Overseer Adam Cahan made the smallest purchase order with €9,000.”

“However, Handlesblatt flags the relatively small absolute amounts involved from Board members and little since the stock drop following the company’s 3Q results; just €388,000 in recent weeks & Brandt’s spend is <20% of his compensation as Chairman. We downgraded to HOLD after the latest round of reinvestment on lack of visibility on returns from extra investment, leverage concerns.”

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