German broadcaster ProSiebenSat.1 backs improved bid by Italy’s MFE
A potential takeover of Germany’s ProSiebenSat.1 by Italian media group Media for Europe (MFE), controlled by the Berlusconi family, moved a step closer on Wednesday.
The leadership of ProSiebenSat.1 recommended that shareholders accept MFE’s improved offer, calling it “appropriate” in a joint statement from the executive and supervisory boards.
This marks a shift from the company’s position in May, when management dismissed MFE’s initial proposal as inadequate.
The new statement highlights that a recently revised offer “underscores MFE’s long-term investment and commitment” to the German broadcaster.
A rival Czech investor, PPF Group, has said it will not raise its own offer, effectively ceding ground in the contest.
ProSiebenSat.1 is one of Germany’s two major private broadcasting groups. Its portfolio includes television channels such as ProSieben, Sat.1 and Kabel Eins, as well as the streaming platform Joyn.
MFE is owned by the children of former Italian prime minister Silvio Berlusconi, who died in 2023. The group has ambitions to create a pan-European television network.
The updated proposal includes 1.3 MFE shares for every ProSiebenSat.1 share – up from 0.4 previously — alongside a standing cash offer of €4.48 ($5.19) per share.
Concerns about media independence
Silvio Berlusconi famously used his media empire to support his political ambitions and the conservative Forza Italia party. Although his children have not entered politics, they remain close to the party.
German Minister of State for Culture Wolfram Weimer recently voiced concerns over the implications of the potential takeover.
In an interview with Der Spiegel news magazine, Weimer questioned whether journalistic and business independence could be maintained under the new ownership.
