March 5, 2020 / 6:52 AM / a month ago

ProSieben's e-commerce arm buys Meet Group for $500 million

FILE PHOTO: The logo of Germany's biggest commercial broadcaster ProSiebenSat.1 Media AG. February 26, 2014. REUTERS/Michaela Rehle/File Photo

BERLIN (Reuters) - ProSiebenSat.1 Media (PSMGn.DE) said on Thursday its e-commerce arm NuCom would buy U.S. dating app developer Meet Group Inc (MEET.O), as the German broadcaster doubles down on digital growth to offset its declining commercial TV franchise.

NuCom will pay $6.30 a share in the agreed deal, putting an enterprise value on Meet Group at $500 million (£388 million), both companies said. Reuters first reported the deal late on Wednesday, lifting Meet Group’s shares by 23% to close at $6.82.

Reporting by Douglas Busvine; Editing by Michelle Martin

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