Media group ProSiebenSat.1 should proceed with the sale of its e-commerce and online dating businesses, potentially worth more than 1 billion euros, and invest more in content.

This was said by the Ceo of Czech investment group Ppf, Jiri Smejc.

Ppf is the second largest shareholder in ProSieben with a 15 percent stake, behind Mfe-MediaForEurope, which holds nearly 30 percent.

Mfe proposed spinning off ProSieben's e-commerce and online dating businesses at the April shareholders' meeting, a proposal that was narrowly rejected by shareholders.

Smejc explained that Ppf has asked ProSieben management to refocus on its content.

"The company certainly needs a reorganization to focus on content creation," Smejc said, speaking to reporters.

Prosieben "has not been well managed for a long time. The company's potential is much greater than the numbers show today."

Smejc added that Ppf acts strictly independently of Mfe and does not share all of its positions.

"In terms of splitting the company, we think these assets should be sold.

Perhaps, unlike Mfe shareholders, we don't have the feeling that it should be done in panic, with a sale next month, but it should be prepared properly."

Smejc said it is right that ProSieben has started to cut costs and that it needs to invest more in audiovisual production, including through video-on-demand subscriptions, where he thinks ProSieben has missed an opportunity.

Smejc said he could envision Ppf acquiring a larger stake in ProSieben.

"It depends on the performance of the share price and how the management will manage to reorganize the company," he said.

Ppf owns the Cme television group, which has broadcasters in six Central and Eastern European countries with a viewership of 49 million, and has pursued a strategy focused on video on demand.

It also acquired a 29.33 percent stake in the Swedish streaming group Viaplay.

Ppf, owned by the family of the late founder Petr Kellner, has shifted its focus from Asia and Russia to Western markets, a strategy in which the stake in ProSieben is part of and which Ppf intends to pursue.

(Translated by Enrico Sciacovelli, editing Elvira Pollina)