“At a stroke you are creating a top-3 global player, while the portfolio has huge synergy potential.”. BERLIN (Reuters) - ProSiebenSat.1 Media PSMGn.DE has staked a $500 million bet on romance by buying U.S. dating app developer Meet Group Inc MEET.O, but the deal was a turn-off for investors who sent the German broadcaster's shares down as much as 10% to a decade low. Prosieben's NuCom eyes acquisition of Meet Group -sources Back to video The sources requested anonymity because the matter is confidential. A Prosieben led acquisition of the Meet Group would, therefore, result in at least 15-20% dilution to … The acquisition of The Meet Group with its leading portfolio of mobile dating apps will further diversify the matchmaking and dating platform, and willscale the combined entity’s geographical presence and breadth. The Meet Group’s CEO Geoff Cook to Speak at Safety Tech 2021. NuCom Group, which is jointly owned by ProSiebenSat.1 and General Atlantic, will contribute Parship Group to a newly formed company. The German Federal Cartel Office, Bundeskartellamt, has approved the planned takeover of the Meet Group by ProSiebenSat.1. The acquisition will increase the net debt position of ProSiebenSat.1 Group by c. EUR 209m (4) and will result a slight increase of financial leverage (pro-forma full year 2020E). Munich/Hamburg, March 5, 2020. ProSieben and General Atlantic, the minority partner in its e-commerce joint venture NuCom, jointly offered $6.30 per share in cash for Meet Group in the agreed transaction. Prosieben has only a ~3B EUR market cap versus MEET at ~400MM. Joern Nikolay, Managing Director General Atlantic: “Nearly two years ago, we entered into this partnership with ProSiebenSat.1 and NuCom Group with a clear mission to create category leaders. The Meet Group, Inc. is a portfolio of mobile social entertainment apps designed to meet the universal need for human connection. Prosieben's NuCom eyes acquisition of Meet Group -sources Back to video The sources requested anonymity because the matter is confidential. NuCom Group owns portfolio company Parship Group which looks after the online dating brands Parship, Elite Partner and eharmony. Meet Group shares rose as much 21% on the news and closed on Monday 5.3% higher at $5.33, giving the company a market value of $382 million. The Meet Group Takes Part in Safer Internet Day 2021; 02/08/2021The Meet Group Announces Partnership with RAINN, Furthering its Commitment to Dating Safety; 02/01/2021The Meet Group Ranked One of the Fastest-Growing Companies in North America on … Its mobile apps are available on iOS, and Android in multiple languages. Meet Group, Bed Bath & Beyond, Sanderson Farms, Pilgrim?? Meet Group shares rose as much 21% on the news, and were trading up 9% at $5.52 in the afternoon session in New York on Monday, giving … Yet the deal came as ProSieben reported weak 2019 results and set a cautious outlook that does not yet take into account the coronavirus epidemic that led British peer ITV ITV.L to warn of a 10% short-term hit to ad revenues. ProSieben and General Atlantic, the minority partner in its e-commerce joint venture NuCom, jointly offered $6.30 per share in cash for Meet Group in the agreed transaction. The acquisition is expected to be adjusted net income accretive for ProSiebenSat.1 in the first year (pro-forma full year 2020E). Meet Group shares rose as much 21% on the news and closed on Monday 5.3% higher at $5.33, giving the … Max Conze, CEO, ProSiebenSat.1 Media SE: “The acquisition of The Meet Group is one of ProSiebenSat.1’s largest transactions. The Meet Group announced today that it has entered a definitive agreement to be acquired by NuCom Group, the joint company between European mass media organisation ProSiebenSat.1 and private equity firm General Atlantic. ProSiebenSat.1 Media SE plans to buy The Meet Group Inc. in an all-cash deal as the German broadcaster tries to counter a drop in TV advertising revenue by bolstering its digital efforts. NEW HOPE, Pa.-- (BUSINESS WIRE)--The Meet Group, Inc. (NASDAQ: MEET), a leading portfolio of mobile dating apps, today announced that it has … German television network ProSiebenSat.1 has published its annual report for 2020, which includes more details about September’s formation of ParshipMeet Reuters first reported the news late on Wednesday. Try refreshing your browser, or tap here to see other videos from our team. (1) Adj. ^ "The Meet Group Announces Closing of Acquisition by eharmony Parent Company Parship Group" (Press release). Link has been the co-CEO of entertainment for the German media giant since 2019, originally joining in 2009 and introducing shows such as The … Business Wire. Meet Group shares rose as much 21% on the news and closed on Monday 5.3% higher at $5.33, giving the company a market value of $382 million. Meet Group shares rose as much 21% on the news, and were trading up 9% at $5.52 in the afternoon session in … NuCom Group owns portfolio company Parship Group which looks after the online dating brands Parship, Elite Partner and eharmony. See here for a complete list of exchanges and delays. The Meet Group, Inc. (formerly MeetMe) owns several mobile social networking services including MeetMe, hi5, LOVOO, Growlr, Skout, and Tagged. The Parship Group was valued at €726M on the transaction's announcement date. Meet Group and ProSieben declined to comment. ProSiebenSat.1 announced the acquisition of The Meet Group through Nucom for ~$500M in March. Meet Group shares rose as much 21 per cent on the news and closed on Monday 5.3 per cent higher … NuCom, the owner of eharmony, has signaled its interest. Prosieben will hold 55% of the merged online dating business, including the former Parship Group (Parship, ElitePartner, eharmony), and General Atlantic will hold 45%. The Group has tapped into an additional attractive business area through the distribution of its television channels in HD quality. The combined company operates as ParshipMeet Group, a newly-minted unicorn and a leading global player in the online dating market. German broadcaster ProSiebenSat. The goal is to create a leading global player in the online dating segment by combining NuCom’s portfolio company Parship Group with The Meet Group. The German broadcaster recently made a $500m investment in dating app developer The Meet Group, sending shares to new lows, ... Beaujean was named CFO at ProSieben in July and before that had worked for packaging manufacturer Gerresheimer. Meet Group and Prosieben declined to comment. At The Meet Group, we are dedicated to providing an environment where our users can connect and interact safely. As a result, ProSieben would own just 55% of the merged dating business – a structure that Conze said reflected caution on how he commits the company’s cash. “The acquisition of The Meet Group is one of ProSiebenSat.1’s largest transactions. The goal is to create a leading global player in the online dating segment by combining NuCom’s portfolio company Parship Group with The Meet Group. Italy's Mediaset MS.MI, which has amassed a 15% stake in ProSieben as part of a wider push to bring about broader TV industry consolidation in Europe, declined to comment. It explained that the decision to acquire The Meet Group was driven by the dating company's live streaming capabilities. The cash price consideration to The Meet Group’s shareholders is $6.30 per share, valuing The Meet Group at approximately $500m enterprise value. The Meet Group Reports Fourth Quarter and Full Year 2019 Financial Results. The acquisition multiples for The Meet Group are EV/LTM Sales of 2.4x, EV/LTM Adjusted EBITDA of 12.8x, reducing to < 10x including full run rate synergies (full run rate synergy potential expected to be realized by 2022). Through these apps, users can stream live video, send gifts, chat, and share photos. According to Guinness World Records, the largest known speed dating event took place in Dublin, Ireland on February 14, 2019, welcoming 964 people. As a result, ProSieben would own just 55% of the merged dating business - a structure that Conze said reflected caution on how he commits the company’s cash. I am looking forward to working with our new colleagues to solidify our international footprint.”. The company has millions of mobile daily active users. , which has amassed a 15% stake in ProSieben as part of a wider push to bring about broader TV industry consolidation in Europe, declined to comment. At Thursday’s share price of 10 euros, that represents a yield of more than 8%. All quotes delayed a minimum of 15 minutes. ProSieben shares were down 2.2% at 0829 GMT on Tuesday, making them the biggest percentage faller on Germany’s midcap benchmark MDAX, which was barely changed. "We are currently targeting the 2022 financial year for this." ProSieben to Buy Dating Firm Meet Group in Tough TV Market. “I believe the transaction with ProSiebenSat.1 is a tremendous validation of our strategy to marry livestreaming video with dating. German broadcaster ProSiebenSat.1 Media SE's e-commerce arm NuCom Group is nearing a deal to acquire Meet Group Inc that could value the U.S. dating app developer at … has staked a $500 million bet on romance by buying U.S. dating app developer Meet Group Inc. , but the deal was a turn-off for investors who sent the German broadcaster's shares down as much as 10% to a decade low. Meet Group shares rose as much 21% on the news and closed on Monday 5.3% higher at $5.33, giving the company a market value of $382 million. The Meet Group apps represent a highquality product expansion for the Parship Group, diversifying revenues from 100% subscription towards virtual gifting and advertising. After completing the transaction, ProSiebenSat.1 Group will hold 55% of the merged online dating business, whereas General Atlantic's stake will amount to 45%. ProSieben declined to comment, while Meet Group did not respond to a request for comment. A Prosieben led acquisition of the Meet Group would, therefore, result in at least 15-20% dilution to … FINANZEN.AT - June 10 - ProSieben is planning to spin off its dating business unit from the subsidiary Nucom and "bring it to the stock exchange at the right time at a profit," said board spokesman and CEO/CFO Rainer Beaujean. The Group has tapped into an additional attractive business area through the distribution of its television channels in HD quality. to warn of a 10% short-term hit to ad revenues. The NuCom Group owns matchmaking platforms eharmony, Parship and Elite Partner. ProSiebenSat.1 announced the acquisition of The Meet Group through Nucom for ~$500M in March. Meet Group declined to comment, while Prosieben … Based in New Hope, Pennsylvania, Meet Group is a … Although ProSieben owns 75% of NuCom and General Atlantic 25%, the Meet Group deal was structured so that ProSieben actually committed less cash than General Atlantic to the takeover. ProSiebenSat.1’s and General Atlantic’s Parship Group has successfully completed the acquisition of The Meet Group, following regulatory approval from all required authorities. FINANZEN.AT - June 10 - ProSieben is planning to spin off its dating business unit from the subsidiary Nucom and "bring it to the stock exchange at the right time at a profit," said board spokesman and CEO/CFO Rainer Beaujean. We continue to consolidate our position in the online dating market and extend our business model by adding social entertainment. ProSieben and General Atlantic, the minority partner in its e-commerce joint venture NuCom, jointly offered $6.30 per share in cash for Meet Group in the agreed transaction. Responding to those concerns, Conze said he took leverage very seriously and he was committed to compensating the cash outflow for Meet Group with other “portfolio movements” during the course of 2020. In September 2017, Meet Group acquired German dating app Lovoo In 2020, The Meet Group was acquired by ProSiebenSat.1 Media with a parent company, ParshipMeet Group, being formed to manage both The Meet Group and Parship. ProSieben shares were down 2.2% at 0829 GMT on Tuesday, making them the biggest percentage faller on Germany’s midcap benchmark MDAX, which was barely changed. Bloomberg. We have committed ourselves to high standards, adopted industry-leading practices, and vowed to constantly improve with the best-in-class safety updates across our platforms. Reuters first reported the news late on Wednesday, lifting Meet Group’s shares by 23% to close at $6.82. "ProSieben to Buy Dating Firm Meet Group in Tough TV Market". Meet Group and ProSieben declined to comment. The Meet Group’s CEO Geoff Cook to Speak at Safety Tech 2021 Mar 23, 2021 DGAP-AFR: ProSiebenSat.1 Media SE: Preliminary announcement of the … Meet Group and Prosieben declined to comment. Meet Group shares rose as much 21% on the news and closed on Monday 5.3% higher at $5.33, giving the company a market value of $382 million. German broadcaster ProSiebenSat.1 Media SE's e-commerce arm NuCom Group is nearing a deal to acquire Meet Group Inc that could value the U.S. dating app developer at … Meet Group shares rose as much 21% on the news and closed on Monday 5.3% higher at $5.33, giving the company a market value of $382 million. “This will increase pressure on the group to consider asset sales but at this point there is no mention of it and the Meet acquisition will increase leverage risk in the near-term,” Citi analysts said in a note. The meet shareholders approved the deal last week, now the antitrust authorities still have to agree. Additional reporting by Elvira Pollina; Editing by Michelle Martin and Jane Merriman. Meet Group and ProSieben declined to comment. EBITDA 12.8x / incl. ProSiebenSat.1 and General Atlantic teamed up to sign with their joint company NuCom Group an agreement for the acquisition of the US online dating and social entertainment provider The Meet Group (NASDAQ: MEET). By combining the Parship Group and the US-based The Meet Group, we have created a leading global player in the dating field forming the new ParshipMeet Group. The deal, the boldest move yet by CEO Max Conze to escape a downward slide in ProSieben’s core commercial TV franchise, foresees folding Meet Group into NuCom’s own dating business, Parship Group, with a view to a possible listing in 2022.