Private equity investors Kohlberg Kravis Roberts and Permira have agreed to buy out the final private shareholder in German television broadcaster ProSiebenSat.1 at a 25% discount to an offer they made at the start of this year.

Axel Springer, the German media conglomerate founded by the eponymous former journalist, has agreed to sell its 12% stake in ProSieben to KKR and Permira for €509.4m ($747m), according to a statement from the company.