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Italy’s commercial broadcaster announced it has raised its stake in ProSiebenSat.1 to 24.2% from 20.1%, as it presses ahead with its plans “to create a pan-European TV champion”.

ZDF Enterprises has sold Acorn TV’s drama to Sky Germany, All Media Baltics, ITV International Channels, LTV, bTV, Megogo, Okko, ProSiebenSat1 as well as several vod platforms such as Amazon, iTunes and Google.

After the company saw a a tumbling share price drop from more than €14 at the start of the year to less than €7 now, the former CEO will be replaced by Chief Financial Officer, Rainer Beaujean. The broadcaster announced that it would change its strategic focus and concentrate on its efforts for entertainment programming.

The Spanish company announced the acquisition of 9,902,500 shares of ProSiebenSat.1 Media SE, which represent a 4.25% of the share capital of this firm, valued at approximately €61 million.

German media giant ProSiebenSat.1 has pulled the potential sale of production and distribution arm Red Arrow Studios amid what it has termed a “coronavirus crisis environment”.