The pair said an accelerated bookbuilding process to sell an 11 per cent stake in the business for about €800m had already begun.
KKR and Permira hope to sell the shares for about €31 each according to Reuters, which cited a source with knowledge of the transaction.
It said that share price represented a discount of about four per cent compared to Tuesday’s closing price of €32.29.
KKR and Permira will continue to hold a combined 33 per cent stake following the placement.
Earlier this month it emerged KKR and Permira were planning to sell off their stake in ProSiebenSat.1 piecemeal after failing to find a buyer for all of its shares.
The firms halved their 88 per cent stake in the company’s stock by converting non-voting preference shares into common shares earlier this month, enabling them to be traded more easily.
They bought a majority stake in the business in 2006 from German Media Partners, which includes Bain Capital, Hellman and Friedman, Saban Capital and Providence Equity Partners as investors.
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