Netherlands-based group Telegraaf Media Group (TMG) raised around EUR 391 million when it sold its stake in ProsiebenSat 1. Based in Germany, ProSiebenSat 1 is a mass media firm offering commercial television, premium pay channels and radio stations.

Last month, ProSieben converted its non-voting shares into common shares. The conversion made the shares more liquid, which enabled investors to unload their stock more easily. TMG sold 13.13 million shares, which comprised a 6% stake in Prosieben.

TMG was the latest to stakeholder sell its shares. KKR and Permira, both private equity companies, also put their 11% stake in Prosieben up for sale Thursday. Like TMG, the private equity firms also sold their stake at EUR 30 per share.

In a statement, TMG Finance Chief Fred Arp said the move was part of the Dutch company's strategy. "TMG has a clear ambition to be the Dutch media company of the future and TMG's holding in ProSiebenSat.1 as such is non-core," he said.