KKR & Co. Inc. (NYSE:KKR) placed a 4.7% stake in ProSiebenSat.1 Media SE (XTRA:PSM), at 13.50 euros apiece, a bookrunner said, sending shares in the German broadcaster down 4.5%. KKR had bought shares in spring 2020 as an investment, people close to the matter had said earlier.

That move sparked speculation that KKR, which also owns German publisher Axel Springer, may have plans for a combination of the two media companies. KKR and ProSieben declined to comment. After the placement, KKR continues to hold a roughly 2% stake.