September 16, 2017 / 11:24 AM / 2 years ago

ProSiebenSat.1 aims to boost growth at existing businesses - CEO

FILE PHOTO: The logo of Germany's biggest commercial broadcaster ProSiebenSat.1 Media AG is pictured at their headquarters in Unterfoehring, near Munich February 26, 2014. REUTERS/Michaela Rehle/File Photo

FRANKFURT (Reuters) - German broadcaster ProSiebenSat.1 (PSMGn.DE) aims to increase the share of revenues generated from existing businesses this year rather than from new acquisitions, its chief executive told German weekly Euro am Sonntag.

“I think at least half of growth should be organic. That is our goal for 2017,” the paper quoted Thomas Ebeling as saying in an interview published on Saturday.

Last year, about two-thirds of ProSieben’s revenue growth came from acquisitions.

Nonetheless, Ebeling said ProSieben was still on the lookout for bolt-on acquisitions.

“We still aim to buy companies in e-commerce and TV production that complement our existing portfolio in strategically important areas and have high potential for synergies with our TV advertising business,” he said.

He reiterated that ProSieben planned to take full ownership of holdings where it did not yet own 100 percent.

Ebeling also said ProSieben was still aiming for its streaming platform Maxdome to become profitable in 2018.

ProSieben late last month warned that TV advertising revenues in German-language markets would decline in the third quarter and said it may look for external investors, pushing its shares to a four-year low.

Reporting by Maria Sheahan; editing by David Clarke

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