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05.04.2004 – 20:44

ProSiebenSat.1 Media AG

euro adhoc: ProSiebenSat.1 Media AG
Restructuring & Recapitalisations
NOTICE PURSUANT TO §15 GERMAN SECURITIES TRADING ACT (WPHG) ProSiebenSat.1 Media AG Determines Details of Capital Increase Subscription price for new common and preference sha

---------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc.   The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

Munich, April 5, 2004. Today the Executive Board of ProSiebenSat.1 Media AG, with the Supervisory Board’s consent, established the details of its planned capital increase in exchange for cash contributions. The Company’s capital will be increased by Euro 24,310,800 from Euro 194,486,400 to Euro 218,797,200. Pursuant to the subscription ratio, one new ProSiebenSat.1 shares can be subscribed to for every 8 existing ProSiebenSat.1 shares at a subscription price of Euro 11.60 per share. This corresponds to a issuance discount of about 28 percent compared to the closing price of the preference shares in the Xetra trading of Deutsche Börse as of today. Preference shares and common shares will be offered at the same price; however, common shareholders will not be entitled to subscribe to preference shares and vice versa (a "crossed exclusion" of subscription rights). With this capital increase, the number of ProSiebenSat.1 Media AG shares outstanding will increase by a total of 24,310,800, from 194,486,400 to 218,797,200, of which 12,155,400 each are common shares and preference shares respectively. The new shares are fully entitled to dividends for fiscal year 2004. P7S1 Holding L.P. has been authorized to subscribe to 8,750,000 common shares and 15,371 preference shares. Deutsche Bank Aktiengesellschaft and J.P. Morgan Securities Ltd. have each been authorized to subscribe to 1,702,700 common shares. In addition, Deutsche Bank Aktiengesellschaft has been authorized to subscribe to 6,070,015 preference shares, and J.P. Morgan Securities Ltd. has been authorized to subscribe to 6,070,014 preference shares. Both banks will offer the common and preference shares for sale to the respective holders of common shares and the holders of preference shares (with the exception of P7S1 Holding L.P.) as part of an indirect subscription right at a ratio of 8 to 1 and at a price of Euro 11.60 per new common share and of Euro 11.60 per new preference share. The subscription period is expected to begin on April 13, 2004 and to end on April 26, 2004. The rights to the new preference shares are expected to be traded in the official market of the Frankfurt Stock Exchange in the period from April 13, 2004 through and including April 22, 2004. The capital increase will be managed by Deutsche Bank and J.P. Morgan. The subscription price will result in gross proceeds of about Euro 282 million. ProSiebenSat.1 Media AG intends to use the proceeds from the planned capital increase to reduce the Company’s net financial debt. In this context, as part of comprehensive refinancing plan, today the Company has decided to launch on April 6, 2004 a public tender offer for the Euro 338 million notes due in 2006. This announcement is not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.  ProSiebenSat.1 Media AG does not intend to register any portion of the offering of the securities in the United States. Any offer of the securities to be made in the United States will be made only by means of an offering memorandum, which will contain detailed information about the company and its management and financial statements. Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada or Japan.

end of announcement            euro adhoc 05.04.2004

Further inquiry note: Katja Pichler Company Spokesperson ProSiebenSat.1 Media AG Medienallee 7 D-85774 Unterföhring Phone: +49 [89] 95 07-11 80 Fax: +49 [89] 95 07-11 84 E-mail: Katja.Pichler@ProSiebenSat1.com

Press release online: www.ProSiebenSat1.com

Branche: Media
ISIN:      DE0007771172
WKN:        777117
Index:    CDAX, Classic All Share, HDAX, MDAX, Midcap Market Index, Prime All Share, Prime Standard
Börsen:  Frankfurter Wertpapierbörse / official dealing
              Niedersächsische Börse zu Hannover / free trade
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Hamburger Wertpapierbörse / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Börse Düsseldorf / free trade

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