Ministerial Council endorses Berlusconi's proposal.
In a dramatic turn of events, Media for Europe (MFE) and PPF Group, two major investors, are locked in a battle for control of German broadcaster ProSiebenSat.1. As the deadline for both offers approaches on August 13, MFE has significantly raised its takeover bid, aiming to create a pan-European broadcasting group.
MFE, controlled by the Berlusconi family, initially offered €4.48 in cash plus 1.3 MFE A shares per ProSiebenSat.1 share, valuing the offer at about €7.00 per share. However, in July 2025, MFE raised its offer, offering a higher cash component and increasing the share portion, with the revised bid now worth approximately €8.07 per share. This aggressive move secured the support of ProSiebenSat.1's executive and supervisory boards, who now recommend acceptance as "reasonable."
On the other hand, PPF, a Czech investment firm, made a competing offer but chose not to raise it further. As a result, PPF's bid has now lapsed, leaving MFE as the more likely eventual acquirer. However, the current ownership remains divided between these two major investors, prolonging some uncertainty over ProSiebenSat.1’s strategic direction.
As of August 13, MFE holds approximately 43.57% of ProSiebenSat.1 shares, a significant increase from its initial stake. A definitive update on whether MFE has crossed the majority threshold (over 50%) is expected shortly, but as of now, it holds less than a majority. If MFE attains over 50%, it can consolidate ProSiebenSat.1 into its accounts, and over 75% would allow full integration, though regulatory approvals might still be required.
Pier Silvio Berlusconi, MFE's CEO, stated that they are not seeking full control but rather the flexibility to set a clear direction based on a shared vision. MFE positions itself as a counterweight to US giants like Amazon, Netflix, and Disney, aiming to create a European media company beyond its current markets in Italy and Spain.
Rival Czech investor PPF owns 16.5% of ProSiebenSat.1 shares and plans to increase it to nearly 30%. After the expiration of the offers on August 13, there will be an additional two-week acceptance period under German takeover law for ProSiebenSat.1. During this period, shareholders will have the opportunity to decide whether to accept MFE's revised takeover bid, which maintains its cash component but increases the stock portion.
It's important to note that the ProSiebenSat.1 executive board cannot assess potential revenue synergies from a partnership with MFE without a detailed analysis based on comprehensive data, which is currently unavailable. The projected cost synergies, assuming a full legal integration, are estimated to reach around 150 million euros annually, based on Ebit.
The outcome of this battle for control will have significant implications for the future of ProSiebenSat.1 and the European media landscape. Stay tuned for updates as the situation unfolds.
References: [1] ProSiebenSat.1 Media SE. (2025). Media for Europe raises offer for ProSiebenSat.1. Retrieved from https://www.prosieben.com/en/investor-relations/media-for-europe-raises-offer-for-prosiebensat-1
[2] Financial Times. (2025). ProSiebenSat.1 shares soar as Media for Europe offers higher bid. Retrieved from https://www.ft.com/content/6a84c18b-c760-4b50-827f-c31b3366b9a9
[3] Reuters. (2025). PPF's ProSiebenSat.1 offer lapses, leaving Media for Europe in pole position. Retrieved from https://www.reuters.com/business/media-telecom/ppfs-prosiebensat1-offer-lapses-leaving-media-europe-pole-position-2025-08-06/
[4] Reuters. (2025). ProSiebenSat.1 recommends Media for Europe's revised takeover bid. Retrieved from https://www.reuters.com/business/media-telecom/prosiebensat1-recommends-media-europes-revised-takeover-bid-2025-08-06/
[5] Financial Times. (2025). ProSiebenSat.1's board drops resistance to Media for Europe's bid. Retrieved from https://www.ft.com/content/b53b17f6-26b9-416f-9d9e-4f10f669963d
In the competitive landscape of business and finance, Media for Europe's (MFE) aggressive bid for ProSiebenSat.1 positions them against other industry players, aiming to create a dominant pan-European broadcasting group. Despite initially offering €7.00 per share, MFE's revised offer now stands at €8.07 per share, surpassing its rivals, including PPF, a significant player in the investment sector.
