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 Group has tapped into an additional attractive business area through the distribution of its television channels in HD quality. 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. The NuCom Group owns matchmaking platforms eharmony, Parship and Elite Partner. In another sign of financial strain, management proposed a cut in the 2019 dividend to 0.85 euros, down from 1.19 euros the year before. We look forward to joining forces with Parship Group and leveraging their industry experience to continue to advance our mission of helping users connect in a meaningful way.”, Tim Schiffers, CEO Parship Group: “Following the successful acquisition of eharmony, we have proven that we can manage new businesses and accelerate their growth by combining the best of both worlds. Meet Group and ProSieben declined to comment. 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 … "ProSieben to Buy Dating Firm Meet Group in Tough TV Market". 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 News. It explained that the decision to acquire The Meet Group was driven by the dating company's live streaming capabilities. German television network ProSiebenSat.1 has published its annual report for 2020, which includes more details about September’s formation of ParshipMeet to warn of a 10% short-term hit to ad revenues. Meet Group shares rose as much 21% on the news, and were trading up 9% at $5.52 in the afternoon session in … Prosieben's NuCom eyes acquisition of Meet Group -sources Back to video The sources requested anonymity because the matter is confidential. 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 … (3) Based on EUR/USD exchange rate of 1.11. ProSieben forecast that revenues would grow by 4% this year while adjusted EBITDA would be flat, reflecting the squeeze on profitability from its push into lower-margin digital projects as its commercial TV cash cow declines. Geoffrey Cook, CEO, The Meet Group: ... ProSieben, kabel eins, sixx, SAT.1 Gold, ProSieben MAXX, and kabel eins Doku is the Number 1 in the German audience and TV advertising markets. Meet Group shares rose as much 21% on the news, and were trading up 9% at $5.52 in the afternoon session in … Meet Group and Prosieben declined to comment. 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 … Based in New Hope, Pennsylvania, Meet Group is a … The acquisition is expected to be adjusted net income accretive for ProSiebenSat.1 in the first year (pro-forma full year 2020E). 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. 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 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. 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. 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. The Meet Group’s fast-growing dating and social entertainment apps with brands such as MeetMe®, Tagged® and Lovoo® meet the universal need for human connection. “This transaction will allow us to tap new strategic growth opportunities by leveraging our video platform and ProSieben’s experience with content and entertainment,” Cook said in a statement. The Meet Group, Inc. (formerly MeetMe) owns several mobile social networking services including MeetMe, hi5, LOVOO, Growlr, Skout, and Tagged. Based in New Hope, Pennsylvania, Meet Group … Business Wire. “I believe the transaction with ProSiebenSat.1 is a tremendous validation of our strategy to marry livestreaming video with dating. 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 … 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 Group has tapped into an additional attractive business area through the distribution of its television channels in HD quality. net income accretive for ProSiebenSat.1 in firstyear (pro forma 2020E), ProSiebenSat.1 committed to its financial leverage target range of1.5x-2.5x, Transaction expected to close in the second half of 2020, After the successful closing, Parship Group will cover the completespectrum of the online dating market: from science based online. 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 … 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%. Meet Group and ProSieben declined to comment. 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). 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. The sources requested anonymity because the matter is confidential. 17 talking about this. The following information was filed by Meet Group, Inc. (MEET) on Wednesday, March 11, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of … Munich/Hamburg, March 5, 2020. Meet Group shares rose as much 21% on the news and closed on Monday 5.3% higher at $5.33, giving the … We believe the combination of these two successful and complementary businesses will also create synergies within the ProSiebenSat.1 universe and accelerate the growth of our market share in the German live video apps sector.”Industry leader with innovative and interactive live video offerThe Meet Group‘s apps are positioned at the intersection of online dating and social entertainment. The Parship Group was valued at €726M on the transaction's announcement date. 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. 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 the formation of ParshipMeet Group in September. 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. Additional reporting by Elvira Pollina; Editing by Michelle Martin and Jane Merriman. Through these apps, users can stream live video, send gifts, chat, and share photos. The Meet Group was ahead of its time in regard to video technology, and was the first western app company to debut a … We apologize, but this video has failed to load. Prosieben has only a ~3B EUR market cap versus MEET at ~400MM. We continue to consolidate our position in the online dating market and extend our business model by adding social entertainment. Deal structure demonstrates excellent collaboration between ProSiebenSat.1 and General AtlanticProSiebenSat.1 Group and General Atlantic will jointly finance the acquisition with cash contributions of $232m (EUR 209m (2)) and $306m (EUR 276m (3)),respectively. ProSieben Sat.1 runs the online dating platforms Parship and Elite Partner. 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. Meet Group and ProSieben declined to comment. The Company leverages a live-streaming video platform, empowering global community to forge meaningful connections. NuCom, the owner of eharmony, has signaled its interest. The meet shareholders approved the deal last week, now the antitrust authorities still have to agree. Meet Group and Prosieben declined to comment. At Thursday’s share price of 10 euros, that represents a yield of more than 8%. 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 … ^ "The Meet Group Announces Closing of Acquisition by eharmony Parent Company Parship Group" (Press release). 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. ProSiebenSat.1 announced the acquisition of The Meet Group through Nucom for ~$500M in March. 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. 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. The Meet Group's MeetMe and SKOUT will be partnering with Plenty of Fish to host the World's Largest Virtual Speed Dating event on Sunday, September 20 at 8:00 p.m. EDT. September 4, 2020. Parship Group closes The Meet Group acquisition to form a leading online dating platform with ParshipMeet Group ProSiebenSat.1's and General Atlantic's Parship Group completes acquisition of The Meet Group to form Germany's next unicorn Every month we help millions of users find connection and community within our portfolio of mobile apps (MeetMe, Tagged, Skout, and Hi5). 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 regulators are not concerned about ProSieben’s current presence in the online dating industry. 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. Mar 23, 2021. “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. (4) Based on EUR/USD exchange rate of 1.11, subject to condition at closing date. Reuters first reported the news late on Wednesday. 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 company, which is listed on NASDAQ, generated approximately $206.6m of revenues and approximately $39.5m of Adjusted EBITDA1 for the twelve months period ending September 30, 2019.Attractive value creation by strengthening core vertical of NuCom GroupNuCom Group has a proven track record of successful value creation for investors and their portfolio companies. 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 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. The Meet Group is an innovative and growing company that is a natural fit with the Parship Group, and the transformative combination of the companies will move us closer toward our vision of creating a global leader in the online dating segment. The company has millions of mobile daily active users. The Meet Group, Inc. is a portfolio of mobile social entertainment apps designed to meet the universal need for human connection. EBITDA definition according to The Meet Group https://www.prosiebensat1.com/en/investor-relations/presentations-events/ma(2) Based on EUR/USD exchange rate of 1.11. THE MEET GROUP, INC. AND SUBSIDIARIES. 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). I am looking forward to working with our new colleagues to solidify our international footprint.”. 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 … A Prosieben led acquisition of the Meet Group would, therefore, result in at least 15-20% dilution to … However, ProSiebenSat.1 Group is strongly committed to its targeted financial leverage in the range of 1.5x to 2.5x. Through its arm NuCom Group, the broadcasting company currently holds stakes in Parship, Elite Partner and eharmony. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) Three Months Ended December 31, German broadcaster ProSiebenSat. The Meet Group transaction is expected to close in the second half of the year, subject to regulatory and shareholder approval, and be accretive to net income in the first year. ?s Pride and Lamb Weston highlighted as … “This is an exciting time for The Meet Group,” said Geoff Cook, Chief Executive Officer of The Meet Group. 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. The Federal Cartel Office, Germany’s national competition regulator, has approved ProSieben’s proposed takeover of The Meet Group. full run rate synergies <10x (1), Acquisition to be adj. Try refreshing your browser, or tap here to see other videos from our team. 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. The Meet Group Reports Fourth Quarter and Full Year 2019 Financial Results. According to Guinness World Records, the largest known speed dating event took place in Dublin, Ireland on February 14, 2019, welcoming 964 people. We are proud to be a partner of both ProSiebenSat.1 and NuCom Group as we work to createlong-term value and growth.”, Geoffrey Cook, CEO, The Meet Group: “We are excited about this transaction and the significant benefits resulting from a combination with NuCom’s Parship Group. Meet Group shares rose as much 21 per cent on the news and closed on Monday 5.3 per cent higher … Analysts expressed concern that the Meet Group deal and risks to profitability could further strain ProSieben’s capacity to support a debt burden that, at 2.6 times core earnings, is already outside management’s target range. 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. Through its arm NuCom Group, the broadcasting company currently holds stakes in Parship, Elite Partner and eharmony. NuCom Group owns portfolio company Parship Group which looks after the online dating brands Parship, Elite Partner and eharmony. The envisaged shareholding structure also takes a pre-merger Enterprise Valuefor the Parship Group of EUR 726m into account. 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’s dating app portfolio includes MeetMe, Skout, German app Lovoo and niche gay dating app Growlr, all of which would be under NuCom. The established and well-known brands Parship, eharmony and ElitePartner offer science-based online dating to create long-term relationships. ProSieben to Buy Dating Firm Meet Group in Tough TV Market. 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). 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. A Prosieben led acquisition of the Meet Group would, therefore, result in at least 15-20% dilution to … NuCom Group, which is jointly owned by ProSiebenSat.1 and General Atlantic, will contribute Parship Group to a newly formed company. “The combination...is a unique value-creation opportunity for us,” Conze told Reuters in an interview. The Meet Group, Inc. est un portefeuille d'applications mobiles de divertissement social conçu pour répondre au besoin universel de connexion humaine. Meet Group and ProSieben declined to comment. Our Standards: The Thomson Reuters Trust Principles. Its mobile apps are available on iOS, and Android in multiple languages. The Meet Group’s CEO Geoff Cook to Speak at Safety Tech 2021. The combination of our companies adds our strength in freemium dating to ProSieben… All quotes delayed a minimum of 15 minutes. ProSieben declined to comment, while Meet Group did not respond to a request for comment. Its main markets are North America, Germany and Southern Europe. “At a stroke you are creating a top-3 global player, while the portfolio has huge synergy potential.”. 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. EBITDA 12.8x / incl. "We are currently targeting the 2022 financial year for this." 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 carving out Parship Group from NuCom Group, ProSiebenSat.1 forms a strong fourth pillar in a highly … Prosieben has only a ~3B EUR market cap versus MEET at ~400MM. Max Conze, CEO, ProSiebenSat.1 Media SE: “The acquisition of The Meet Group is one of ProSiebenSat.1’s largest transactions. Reuters first reported the news late on Wednesday, lifting Meet Group’s shares by 23% to close at $6.82. 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. ProSieben declined to comment, while Meet Group did not respond to a request for comment. 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 offers of our Dating segment range from online matchmaking services through dating to social entertainment. 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. 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 acquisition of The Meet Group is one of ProSiebenSat.1’s largest transactions. Meet Group shares jumped 20% to $6.64 on the news. The German Federal Cartel Office, Bundeskartellamt, has approved the planned takeover of the Meet Group by ProSiebenSat.1. The regulators are not concerned about ProSieben’s current presence in the online dating industry. By combining their industry expertise as well leveraging their complementary fit and user bases in the core markets, Parship Group will become a global leader in the online dating market with expected double-digit annual revenue growth rates. , 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. Reuters first reported the news late on Wednesday. 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. Prosieben will hold 55% of the merged online dating business, including the former Parship Group (Parship, ElitePartner, eharmony), and General Atlantic will hold 45%. 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. Media SE's e-commerce arm NuCom Group is exploring the acquisition of U.S. live streaming app developer Meet Group Inc , people familiar with the matter said. Meet Group and ProSieben declined to comment. 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. Corporate Communications | Corporate & Finance Communication, Daniel Rosemann, Channel Manager, ProSieben, Kelly McPherson, Emre Sahin, Sarah Wetherbee, »Our biggest achievement is having a truly creative-led company.«, Emre Sahin, Executive Producer and Founding Partner Karga Seven, »The ProSiebenSat.1 Employees do great work.«, Dr. Sunniva Engelbrecht, Member of the Executive Board at startsocial, Materiality Analysis and Stakeholder Dialogue, ProSiebenSat.1 Group closes 2020 with strong fourth quarter: Growth of 11% in revenues and 12% in adjusted EBITDA, ProSiebenSat.1 Group exceeds expectations for revenues and adjusted EBITDA in full-year 2020 noticeably, DISCLOSURE OF AN INSIDE INFORMATION ACCORDING TO ARTICLE 17 MAR: ProSiebenSat.1 Group exceeds expectations for revenues and adjusted EBITDA in full-year 2020 noticeably, https://www.prosiebensat1.com/en/investor-relations/presentations-events/ma, Vision of creating leading global player in the online dating segment by combining NuCom’s Parship Group with The Meet Group, Cash price to Meet Group shareholders of $6.30 per share, valuing thecompany at approximately $500m enterprise value, Acquisition multiples for The Meet Group: EV/LTM Sales 2.4x, EV/LTMAdj. 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. The Meet Group currently has about 300 local employees. It will significantly advance our ambition to create one of the leading global players in online dating and interactive live video. The combined company operates as ParshipMeet Group, a newly-minted unicorn and a leading global player in the online dating market. Geoffrey Cook, CEO, The Meet Group: ... ProSieben, kabel eins, sixx, SAT.1 Gold, ProSieben MAXX, and kabel eins Doku is the Number 1 in the German audience and TV advertising markets. (1) Adj. ParshipMeet Group's management team is continued to be led by industry experts with proven operational expertise, including Tim Schiffers (Group CEO), Henning Rönneberg (Group CFO), Marc Schachtel (Group COO), and Geoff Cook (CEO of The Meet Group and General Manager Video). 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. Meet Group declined to comment, while Prosieben … In total the brands of The Meet Group have approximately 4.46m mobile daily active users, focusing on a target group of men and women between the age of 18 and 34 years+. The Federal Cartel Office, Germany’s national competition regulator, has approved ProSieben’s proposed takeover of The Meet Group. Bloomberg. ProSiebenSat.1 announced the acquisition of The Meet Group through Nucom for ~$500M in March. The acquisition is expected to close in the 2nd second half of 2020 and is subject to the satisfaction of customary conditions, including approval of The Meet Group’s shareholders and receipt of required antitrust and regulatory approvals.Two leading businesses with complementary strengths and unique product offerings in their respective highly attractive market segmentsAfter a successful closing of the transaction, Parship Group will cover the complete spectrum of the online dating market. The cash price consideration to The Meet Group’s shareholders is $6.30 per share, valuing The Meet Group at approximately $500m enterprise value. 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. The Meet Group apps represent a highquality product expansion for the Parship Group, diversifying revenues from 100% subscription towards virtual gifting and advertising. Meet Group, Bed Bath & Beyond, Sanderson Farms, Pilgrim?? Advertisement. Meet Group and ProSieben declined to comment. Over the past four years, NuCom Group has established a profitable online matchmaking platform – Parship Group – through the acquisition of Parship and ElitePartner in Germany in 2016, followed by the acquisition of US-based eharmony Group in 2018, globalizing the company. Meet Group and ProSieben declined to comment. "We are currently targeting the 2022 financial year for this." 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. The Meet Group (NASDAQ:MEET) gains as Reuters sources say Prosieben's NuCom is considering an acquisition. ProSieben’s shares have fallen by more than a third over the past 12 months, cutting its market capitalisation to $2.7 billion and raising doubts over whether Conze’s pivot to digital can boost not only the top but also the bottom line. Meet Group and Prosieben declined to comment. See here for a complete list of exchanges and delays. 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. Meet Group shares jumped 20% to $6.64 on the news.