ProSiebenSat.1's private equity owners have not yet found an investor willing to buy the German commercial broadcaster, Der Spiegel reported, citing one of the owners.
The German firm is owned by KKR and Permira who are preparing an exit from the media group, with a placement of shares in the market or a sale of their stake to a media company among the possible options.
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"A strategic buyer is currently not in sight," the magazine quoted Goetz Maeuser, manager at Permira as saying.
Maeuser said any potential buyer would need to take a stake of more than 30 percent in the firm, which has a market capitalization of more than 7 billion euros ($8.98 billion).
"I can't see a German media company at the moment that would be able to do so," the magazine quoted Maeuser as saying.
No-one at Permira or KKR was immediately available to comment.
($1 = 0.7792 euros)
(Reporting by Andreas Cremer; Editing by Elaine Hardcastle)