(Adds context, detail throughout)
FRANKFURT, May 8 (Reuters) - Czech investment group PPF
has raised its stake in German media group ProSiebenSat.1 to 13.1% in stock and financial instruments, a
regulatory filing showed on Monday, less than two weeks after a
selloff in the German media company's shares.
ProSieben's shares plunged in late April after the company
said prosecutors were checking the accounts of its voucher
subsidiary and it would cut its dividend for 2023.
PPF, ProSieben's second largest shareholder, first disclosed
a 9.1% stake in ProSieben in February, which it increased to
approximately 12% in late April. It has also requested a seat on
the German company's supervisory board.
Italy's MediaForEurope , ProSieben's top
shareholder, has expressed concern about developments at
ProSieben whose new management has announced a change in
strategy and job cuts.
In addition, ProSieben's profit margins have come under
pressure from falling advertising sales over recent months.
Under German law, if an investor's stake exceeds 30%, it has
to launch a bid for the whole company.
(Reporting by Christoph Steitz; Editing by Susan Fenton and
Barbara Lewis)
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