Media for Europe secures 75.61% stake in ProSiebenSat.1

Media for Europe (MFE), which is controlled by the family of former Italian prime minister Silvio Berlusconi, has completed its protracted takeover of German broadcast group ProSiebenSat.1 by lifting its stake to 75.61%.

Bert Habets

ProSiebenSat.1/Amelie Niederbuchner

The deal values ProSieben at around €1.8bn (US$2.1bn) and was backed by the German company’s board at the start of August.

It became a formality when Czech investment group PPF said it was selling its 15.68% stake in the business to MFE and exiting a week ago.

A statement this morning said that following the end of the additional acceptance period of the MFE offer on September 1, MFE has secured a total stake of 75.61% of ProSiebenSat.1 shares through its voluntary public takeover offer, previously held shares by MFE and acquisitions made outside the offer.

The deal is expected to be concluded by September 16 and creates a Europe-wide broadcast giant. MFE already owns 100% of Italy’s biggest broadcaster, Mediaset, and its Spanish counterpart, Mediaset España, which operates commercial network Telecinco.

The acquisition of ProSiebenSat.1 would mean MFE would become the third largest commercial TV company in Europe, behind Bertelsmann-owned RTL and ITV in the UK. MFE’s ambition is to build a pan-European broadcaster that can compete with US streamers such as Netflix.

Bert Habets, group CEO of ProSiebenSat.1 Media, 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. I would also like to sincerely thank PPF for their commitment and valuable strategic contributions as a major shareholder over the past three years, which have helped to accelerate ProSiebenSat.1’s transformation.”