Italy’s MediaForEurope (MFE) is set to become the majority shareholder of Germany’s ProSiebenSat.1.
MFE has raised its total stake in the German broadcaster to 75.61%. This will make MFE the largest free-to-air broadcaster in Europe, with operations in Germany, Austria, Switzerland, Italy, and Spain.
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Source: ProSiebenSat.1
Since 2019, MFE has gradually increased its stake in ProSiebenSat.1, whose channels include ProSieben, Sat.1, and Kabel 1 as well as the Joyn streaming platform. ProSiebenSat.1’s second-largest shareholder, PPF, last week agreed to sell its 15.6% stake to MFE. A voluntary public takeover offer to the shareholders of ProSiebenSat.1 then lifted MFE’s stake to 75.61%. The results of the offer were confirmed this week by ProSiebenSat.1.
MFE is currently Italy’s biggest commercial broadcaster. Its Chief Executive Officer Pier Silvio Berlusconi aims to create a pan-European media group that can compete with streaming platforms such as Netflix and Amazon.
Bert Habets, Group CEO of ProSiebenSat.1 Media SE, said: "MFE becoming our majority shareholder marks an important milestone for ProSiebenSat.1. Together, we cover five core European markets, with ProSiebenSat.1 being a leader in Germany, Austria, and Switzerland, and MFE in Italy and Spain, reaching a combined population of about 210 million people.
“In the coming weeks, we will work closely with MFE to identify the most promising opportunities for a deepened collaboration and align our vision for the future.”
Germany’s ProSiebenSat.1 recently announced it would cut 430 jobs as part of the company’s digital transformation and renewed focus on the entertainment business. Discover more here.
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