Shares up 4.1
Q3 earnings hit by lower ad revenues
FY earnings target trimmed

BERLIN, Nov 14 Reuters German media group ProSiebenSat.1 is making progress on the possible sale of its online assets, the company said on Thursday, sending shares up despite a trim to profit guidance, as investors push it to focus on broadcasting.

Its shares were up 4.1 at 0937 GMT, reversing some of the fall of roughly a quarter since midOctober.

We can say at this point that we are in a good and constructive discussion with potential bidders, CFO Martin Mildner told investors.

However, we hope you will understand that we are not yet able to provide more detailed information.

In a statement, ProSieben said it was reviewing the disposal of nonstrategic investments, including, in particular, Flaconi and Verivox.

The group39;s management has come under pressure to sell nonbroadcasting business in a campaign led by top shareholder and Italian broadcasting rival MFE, which itself aspires to build a panEuropean TV platform, and Czech investment group PPF.

MFE, controlled by Italy39;s Berlusconi family, holds a nearly 30 stake in ProSieben, just below a threshold that would trigger a mandatory bid, which the company could consider as part of its strategy to build a panEuropean TV platform.

Thursday39;s release of the company39;s thirdquarter results showed weak advertising demand had contributed to a dip in revenues by 0.6 to 882 million euros, while adjusted earnings before interest,…