Deals
Billionaire Who Failed to Buy Metro Bets on Europe’s TV Business
- Czech energy tycoon Kretinsky buys stake in ProSiebenSat.1
- Kretinsky’s CMI plans to acquire minority stakes in more media
Daniel Kretinsky
Photographer: Tolga Akmen/AFP via Getty Images
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Daniel Kretinsky, who owns a $7.8 billion Czech energy conglomerate, bought a minority stake in a leading German entertainment company in a contrarian bet on the future of European television industry.
The billionaire is the largest shareholder in Czech Media Invest, which has bought about 4.1% in ProSiebenSat.1 Media SE, according to a statement late Friday. It’s the first step in CMI’s new strategy to purchase minority shareholdings in the continent’s media companies.