Düsseldorf, December 13, 2007—Shearman & Sterling advised Axel Springer Aktiengesellschaft on the sale of its indirect 12 percent participation in ProSiebenSat.1 Media AG to the co-shareholder KKR/Permira. The purchase price amounts to approximately €509.36 million. This corresponds to an average price of €19.40 for each common and preference share.

The transaction is subject to certain conditions, including the approval by the German Commission on Media Concentration (Kommission zur Ermittlung der Konzentration im Medienbereich, KEK) and the final funding by the purchaser´s banks of the anticipated debt-financed portion of the purchase price.

The following Shearman & Sterling lawyers advised Axel Springer Aktiengesellschaft on the sale: partners Georg F. Thoma (DS-MA), Rainer Wilke (DS-MA), Hans Diekmann (DS-MA) and Reinhard Stockum (FR-TX), as well as associates Bodo Bender (FR-TX) and Anja Dickgreber (DS-MA).

For additional information contact:
Marcus Brans | Düsseldorf | T +49.211.17888.907 |