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Private equity firm KKR placed a 4.7% stake in ProSiebenSat.1 Media at 13.50 euros apiece, a bookrunner said, sending shares in the German broadcaster down 4.5% Wednesday.
KKR had bought shares in spring 2020 as an investment, people close to the matter had said earlier.
That move sparked speculation that KKR, which also owns German publisher Axel Springer, may have plans for a combination of the two media companies.
ProSieben also features Italy's Mediaset and Czech billionaire Daniel Kretinsky as investors and some investors had bet on an even larger media merger deal.
KKR and ProSieben declined to comment.
After the placement, KKR continues to hold a roughly 2% stake.