German broadcaster ProSieben said today (August 22) that its two main shareholders - KirchMedia and retailer ReWe - have approved its merger with fellow broadcaster SAT1.
KirchMedia has a 58.4% share in ProSieben while ReWe holds the remaining 41.6%. SAT1's shareholders - including KirchMedia and publisher Axel Springer - will vote on the merger later today.
Meanwhile, ProSieben reported yesterday a 15% increase in pre-tax profit to Euros110.6m for the first half of 2000, while turnover rose 5% to Euros569.8m.
The company's merchandising division reported the strongest growth, up 20%, while the television arm, which provided the bulk of half-year profits, was up 11% to Euros113.9m. Losses for the multimedia and consumer service divisions were expected, the company said in a statement.