(Bloomberg) -- German broadcaster ProSiebenSat.1 Media SE is speaking to advisers for a potential sale of two of its consumer online businesses, according to people familiar with the matter, as its largest shareholder calls for splitting the company in two or considering other alternatives.

ProSieben is selecting banks to advise on options for its price-comparison website Verivox and online perfume retailer Flaconi with a view to launch potential sales this year, the people said, declining to be identified because the information is private.

Analysts at Barclays estimated the two units could be worth about €800 million ($869 million) in total. 

A ProSieben representative declined to comment.

The move could help ProSieben, based outside Munich, assuage its largest shareholder, MFE-MediaForEurope NV, which has called for a vote at the shareholder meeting April 30 on splitting up the company. ProSieben’s supervisory and executive boards oppose the idea.

MFE, formerly known as Mediaset and controlled by Italy’s Berlusconi family, last month said a spinoff of non-core activities including the e-commerce unit Nucom would result in two separate, listed companies, and would help “refocus on the company’s core entertainment business.”

In an update this week, MFE said sales of individual assets are also an option, stressing ProSieben needs to finally follow up on its intention to exit non-broadcasting operations.

ProSieben has floated the possibility of selling businesses like Verivox and Flaconi for years, but has only sold a minority stake in Nucom to private equity firm General Atlantic in 2018.

NOTE: ProSiebenSat.1 Might Sell Non-Core Assets to Reduce Debt: UBS

The firm’s finance chief, Martin Mildner, in November said the market environment for a sale wasn’t the best and that ProSieben isn’t in “a hurry to make divestments of these kind of assets.”

But he added Verivox is back on track in terms of profitability after a dip during the energy crisis and that Flaconi is poised to become profitable in 2024.

“With M&A having been subdued for the past two years, we are more optimistic on the environment in 2024 - something which should help Pro7Sat1 crystallizing non-core assets,” Barclays said in a recent note, adding it pegs the value of Verivox at slightly below €500 million and Flaconi’s at €336 million.

ProSieben owns slightly above 71% in these operations, General Atlantic the rest.

MFE has deepened its ties with the German company in recent months, including collaborating on advertising and technology. The proposed split would make it easier for MFE to take over ProSieben, Bloomberg Intelligence analyst Matthew Bloxham said at the time of the proposal.

Under the leadership of Berlusconi’s son Pier Silvio, MFE has developed a European group of free-to-air broadcasters through a series of cross-border acquisitions as it seeks to counter competition from US streaming giants such as Netflix Inc. and Amazon.com Inc. 

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