German cars are no doubt built to last. But the country's media industry has shown it can also take a lickin'. Consider ProSiebenSat, a major free-to-air broadcaster focused on German-language TV.
Shareholders have had plenty of reason for concern lately: Private-equity firms KKR and Permira have sold 27% of the stock outstanding through discounted placements since early September. The two
firms, which originally bought a controlling stake in ProSieben in 2007, still hold 17% of the shares outstanding and are likely to sell them before long.
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