Dieter Hahn, formerly a major shareholder in Constantin Medien, has sold off a sizeable portion of his interest in the German media company, according to the Meedia.de website.
At the end of August, Hahn held a share package that directly and indirectly guaranteed him more than 22 per cent of the voting rights in Constantin Medien. However, Meedia said Hahn in recent weeks has sold off shares to leave him with a current interest for just over 2.2 per cent of the voting rights, below the notifiable threshold of three per cent.
Formerly chairman of the supervisory board, Hahn and fellow major shareholder Bernhard Burgener have been in a long-running dispute over the future strategic direction of the firm.
The latest news comes after Highlight Communications last month moved to play down reports of an imminent takeover of Constantin Medien, its parent company. Multiple reports stated that Highlight had made a takeover bid of more than €2.3 ($2.7) per share for Constantin, which has been restructuring its operations.
In September, Constantin Medien said it had reached an agreement to end all legal proceedings in the Swiss courts with Highlight Communications. The two parties had been at odds after Constantin resisted a capital increase planned by Highlight, which was intended to reduce the German company’s stake in the firm from around 43.6 per cent to about 32.7 per cent.
Highlight agreed to reverse the foundation structures installed as means of defence against hostile takeovers, which had been granted options for the temporary purchase of the majority of the common shares and particularly the voting rights in the Team Marketing agency, as well as Constantin Film.
Constantin said that no further legal proceedings would be taken against the execution of the capital increase at Highlight which will result in the reduction of Constantin’s stake.
Earlier in September, the management board of Constantin Medien curtailed a process to sell sports broadcaster Sport1 and advertising sales division Sport1 Media. Constantin Medien had initiated a sales process for Sport1 and Sport1 Media earlier this year, with pay-television broadcaster Sky Deutschland among those reported to be interested.
Team Marketing is controlled by Highlight Communications and holds a long-term agreement with Uefa, European football's governing body, under which it serves as the exclusive agent for the global marketing of commercial rights relating to the Champions League, Europa League and Super Cup club competitions.