Proposal for a directive remains undecided by the Commission.
In a significant move, Media for Europe (MFE), a company controlled by the Berlusconi family, has acquired a majority stake in ProSiebenSat.1. The acquisition, which secures over three-quarters of the shares, was made at €4.48 in cash and 1.3 of MFE's own A-A shares per ProSiebenSat.1 share.
Following the acquisition, Media for Europe now holds 75.61% of the share capital and 75.67% of the voting rights at ProSiebenSat.1. Four seats on the Supervisory Board of ProSiebenSat.1 will be occupied by representatives from the firm KKR (Kohlberg Kravis Roberts). The changes in the ProSiebenSat.1 board may depend on the company's economic development.
The CEO of MFE, Pier Silvio Berlusconi, plans to produce and offer a more local offering for ProSiebenSat.1, including more news, entertainment shows, and TV series. This approach is already being implemented in Italy and Spain. Bert Habets, CEO of ProSiebenSat.1, hopes for a harmonization of visions for the future.
In a statement, Bert Habets said, "We will jointly identify opportunities for a deeper collaboration in the coming weeks." The Supervisory Board changes are subject to ProSiebenSat.1's shareholders' approval at the Annual General Meeting.
The downturn in the TV advertising business is causing a decline in the revenues and results of private TV groups, with MFE likely to initially rely on continuity in the management of ProSiebenSat.1. The Bavarian State Office for New Media, responsible for ProSiebenSat.1's media supervision, sees no legal reason for a dominant influence by MFE, but would reassess the situation if Berlusconi enters politics.
The CEO of MFE has not ruled out a potential political engagement. However, the focus for now remains on the strategic direction for ProSiebenSat.1. The takeover allows for a domination and profit transfer agreement between Media for Europe and ProSiebenSat.1.
The acquisition has resulted in a significant increase in the share prices of both companies. The share price of ProSiebenSat.1 jumped by 7.7% to €8.21, while Media for Europe's share price rose by 7% to €3.46.
Both ProSievenSat.1 and RTL have been strengthening national formats for several years. This move by Media for Europe is expected to further intensify the competition in the European media landscape. The final decision regarding the potential withdrawal of PPF from the Supervisory Board will be made by the Berlusconi family's holding company.
In conclusion, the acquisition of ProSiebenSat.1 by Media for Europe marks a significant shift in the European media landscape. The focus now is on the strategic direction for ProSiebenSat.1, with a focus on local offerings and deeper collaboration between the two companies. The outcome of the Annual General Meeting will determine the final composition of the Supervisory Board.
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