Christmas has come early for German media mogul Leo Kirch after his free-TV division KirchMedia sold its 1.28% stake in Italy's Mediaset for Euros 120m.

The transaction is part of an ongoing strategy by KirchMedia to focus its business operations on the German language market ahead of its planned merger with ProSiebenSAT.1 Media AG next June.

In addition, KirchMedia is reportedly currently in talks with prospective buyers for its interest in the Spanish broadcaster Telecinco.