German publisher Axel Springer said Tuesday that it plans to sell its 12 percent stake in broadcaster ProSiebenSat.1 Media in a deal worth more than 509 million euros ($746 million).
Springer said it plans to dispose of the stake in an agreement with its fellow shareholder, KKR/Permira, that foresees an average price of 19.40 euros ($28.47) per common and preference share in ProSiebenSat.1.
Springer was thwarted early last year in an attempt to take over ProSiebenSat.1, whose channels include Sat.1, N24, ProSieben and Kabel 1.
Germany's antitrust watchdog blocked that deal, saying a larger Springer would have dominated the market for advertising in German media along with Bertelsmann, the owner of broadcaster RTL and the country's other major player in private media.
Media regulators also protested, saying the deal would have given Springer, which publishes the mass-circulation Bild daily, too much influence on public opinion.
Springer refused to exclude one of ProSiebenSat.1's television channels from the proposed merger in order to secure approval.
Springer said Tuesday that the sale of its stake is subject to approval by media regulators and depends on the final funding by the purchaser's banks of the debt-financed portion of the price.