Moody's: ProSiebenSat.1 outlook positive

Moody's Investors Service said it changed the outlook on ProSiebenSat.1 Media AG's Ba1 senior unsecured and corporate family ratings to positive from developing.

The outlook change reflects Moody's view that a sale of ProSiebenSat.1 appears less likely in the near term following the statement last month by P7S1 Holding LP, the company's controlling shareholder, that it had decided not to pursue another sale transaction after the termination of the planned sale to Axel Springer.

Moody's said it remains nevertheless probable that P7S1 Holding, as a consortium led by Saban Capital Group and comprising several private equity investors, will seek in some way to crystallize the gains made on its investment in ProSiebenSat.1 within the next 12 to 24 months, which theoretically could involve some form of exit strategy potentially either through a trade sale, a leveraged buy-out, recapitalization or a public offering.

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