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BREAKING NEWS

CEO's million euro bet boosts ProsiebenSat.1 shares

CEO's million euro bet boosts ProsiebenSat.1 shares
FILE PHOTO: The logo of Germany's biggest commercial broadcaster ProSiebenSat.1 Media AG is pictured in front of their headquarters in Unterfoehring, near Munich, Germany in this February 26, 2014 file photo. REUTERS/Michaela Rehle -
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Michaela Rehle(Reuters)
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LONDON (Reuters) - Shares in German broadcaster ProSiebenSat.1 Media jumped on Thursday after a filing showed CEO Maximilian Conze bought nearly a million euros worth of shares in the company.

Conze bought shares worth a total of 995,673.43 euros (£854,567.57) at 13.64 a share on April 26, the filing showed.

It was published after-hours on April 30 and German markets were closed for May 1, which caused the reaction in ProsiebenSat.1 shares to be delayed by a day.

The stock was up 5 percent by 1232 GMT at 14.71 euros.

A spokeswoman for ProSiebenSat.1 said the share purchase went far beyond Conze’s contractual commitments and represented an expression of confidence in his strategy.

The former CEO of UK appliance maker Dyson had already bet a million euros of his own money on ProSiebenSat.1 last November, a few months after taking charge, saying at the time he was going "all in" to back his mission.

He bought that slug of shares at 17.30 euros, according to a filing at the time, meaning that even after Thursday's rally he was nursing a paper loss of nearly 150,000 euros.

(Reporting by Helen Reid, Additional reporting by Joern Poltz and Douglas Busvine, Editing by Danilo Masoni and Jane Merriman)

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