Berlusconi acquires ProSiebenSat.1 shares from PPF Group

In a significant development, Media For Europe (MFE), the media conglomerate of the Berlusconi family, is on the verge of acquiring ProSiebenSat.1. This follows the announcement by the Czech PPF Group that it will sell its shares in MFE.

The decision by PPF came after a fierce bidding war between the two parties. MFE was ahead with its higher offer in the competition. The sale by PPF should enable MFE to reach a majority stake in ProSiebenSat.1.

PPF, which previously held around 15 percent of the shares in MFE, had been unable to secure sufficient shareholder support for its goals, leading to the decision to sell its shares and withdraw from ProSiebenSat.1.

MFE already held over 40 percent of the shares in MFE before the sale by PPF. With the addition of PPF's shares, MFE is now poised to hold a simple majority at general meetings with over 40 percent of the shares. However, neither company had reached the 50 percent majority after the preliminary end of the takeover deadline.

The takeover of ProSiebenSat.1 by MFE has been a topic of debate due to Pier Silvio Berlusconi's ties to right-wing populist parties and Russia. The Berlusconi family has always rejected these allegations.

Media State Minister Wolfram Weimer (independent) had expressed concern about the journalistic independence of ProSiebenSat.1 and announced a meeting with Berlusconi. It remains to be seen how this development will impact the takeover.

ProSiebenSat.1 has not yet commented on the PPF announcement, but had previously recommended its shareholders to accept the offer from Media For Europe. The Czech investor and MFE submitted offers to the other shareholders for the acquisition of shares.

The KNA News Service reported this news. The article is from KNA News Service. The lead-in from our X.

It is important to note that PPF can no longer work with MFE as a strategic investor on an equal footing due to MFE's majority stake. This could potentially open up new opportunities for other investors in the future.

The takeover of ProSiebenSat.1 by MFE now appears to be a done deal, pending any unexpected developments. The media landscape in Europe is set for a significant shift with this acquisition.