I Squared Capital and Blackstone Inc. are in advanced talks to acquire German media group Stroeer SE & Co., a deal that could value the company at approximately €2.5 billion ($2.9 billion), according to people familiar with the matter. The potential acquisition would rank among the largest private equity takeovers of a German media company in recent years.

Stroeer operates a portfolio of digital and traditional media assets across Germany, making it an attractive target for firms seeking exposure to the country's advertising market. The valuation reflects both the company's established market position and ongoing consolidation pressure across Europe's media sector. Private equity buyers have increasingly sought to acquire profitable media companies with strong cash flows at relatively stable valuations.

The deal would add to Blackstone and I Squared's existing media and telecommunications investments across Europe. Both firms have been active in the German market, where media consolidation has accelerated as publishers and broadcasters adapt to shifting advertising revenue and digital transformation pressures.