Investors struggle to figure out ProSieben's digital strategy

Munich

IN November last year, the head of Germany's ProSiebenSat.1 went cap in hand to his biggest investors looking to raise more than half a billion euros.

The cash was to be used to finance the mass media company's further shift away from relying on its television advertising business and create a more broadly based digital powerhouse, ProSieben chief executive Thomas Ebeling explained.

More than six months later, shareholders are still waiting for Mr Ebeling to spend the money and are increasingly uneasy about the strategy.

The broadcaster says its plan is simple - to encourage viewers of its TV shows to use its online sites as well.

Investors said an initial partnership with Zalando some five years ago raised expectations as the online fashion retailer grew into a European leade…