November 8, 2018 / 7:07 AM / a month ago

ProSieben says eharmony deal valued at $85 mln

FRANKFURT, Nov 8 (Reuters) - ProSiebenSat.1 Media on Thursday said its recent takeover of eharmony was priced at an adjusted enterprise value of $85 million, equivalent to less than one time revenues of the U.S. dating site.

The Munich-based broadcaster disclosed the deal value in a presentation on a strategy update. The company is cutting its dividend payout ratio, lowering its revenue and profit guidance, and taking a hit on U.S. studio contracts.

ProSieben is folding eharmony into its Parship Elite unit as part of a strategy to diversify into e-commerce and reduce its exposure to weak advertising and viewership for old-style commercial TV. (Reporting by Douglas Busvine, editing by Riham Alkousaa)

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