MediaForEurope, a pan-European TV group predominantly owned by the family of ex-Italian Prime Minister Silvio Berlusconi, has enhanced its proposal for German broadcaster ProSiebenSat.1. This revision increases the share component of their voluntary public takeover bid, while keeping the cash portion constant.
On Monday, the updated proposal was made public, increasing the number of stock shares from 0.4 to 1.3 MFE A shares for each ProSiebenSat.1 share, while keeping the cash component at €4.48 ($5.25) per share.
The new proposal, unveiled on Monday, boosts the stock shares from 0.4 to 1.3 MFE A shares for each ProSiebenSat.1 share, maintaining the cash component at €4.48 ($5.25) per share.
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The updated offer, disclosed on Monday, enhances the stock portion from 0.4 to 1.3 MFE A shares for every ProSiebenSat.1 share, and keeps the cash part at €4.48 ($5.25) per share.
Using the most recent closing price of MFE A shares on Euronext Milan as a reference, the revised offer equates to approximately €8.15 ($9.55) for each ProSiebenSat.1 share. This is a 15.8% premium over the ProSieben’s closing price of €7.04 on the same day, and a 24.8% premium when compared to its closing price of €6.53 on March 26, the day before MFE initiated its initial bid.
The offer from the Czech investment group, PPF IM Limited, for a partial acquisition still stands firm at €7.00 ($8.20) per share, paid in cash.
Media Firm Europe (MFE) currently owns about 30% of ProSiebenSat.1, and views its takeover as a strategic move towards creating a multi-national media company across Europe. In a recent announcement, CEO Pier Silvio Berlusconi highlighted that the improved offer doesn’t indicate any issues with the initial bid, but instead underscores MFE’s ongoing commitment to ProSiebenSat.1 and the promising future of a unified European media conglomerate.
On Saturday, Germany’s culture minister announced that he had extended an invitation to Italian business tycoon Pier Silvio Berlusconi for a discussion regarding his company’s attempt to acquire TV group ProSiebenSat.1. He emphasized the importance of maintaining the editorial independence of the German company during this process.
A shift in ownership at a media conglomerate such as ProSiebenSat.1 would entail much more than just routine changes. Such a possible acquisition could significantly alter the balance of media influence within our nation.
Bert Habets, CEO of ProSiebenSat.1, expressed approval for the enhanced proposal, viewing it as evidence of MFE’s dedication to their company. “We will carefully examine the improved offer and the value creation possibilities mentioned in MFE’s press release,” Habets stated. He emphasized ProSiebenSat.1’s willingness to engage in cross-European collaboration and assured that a formal response from both the executive and supervisory boards would be issued following a review of the revised offer details.
Germany’s Culture Minister, Wolfram Weimer, has extended an invitation to Silvio Berlusconi for discussions in Berlin post the summer break, focusing on the potential consequences of a takeover. Weimar expressed his concern to Reuters, stating, “A change in ownership should not limit journalistic autonomy.” He emphasized, “Media influence is never impartial – whoever acquires it assumes political accountability.
Currently, MFE owns Mediaset, Italy’s leading television broadcaster, as well as Spain’s top commercial network, Telecinco. If they acquire Pro7, MFE would rank third among Europe’s largest commercial TV companies, trailing only behind RTL (owned by the media conglomerate Bertelsmann) and ITV of the United Kingdom.
Unlike many traditional broadcasters shifting towards streaming services to challenge giants such as Amazon and Netflix, MFE has chosen to strengthen its commitment to the free-to-air commercial TV model. They believe that consolidation within individual countries will be prevented by national regulatory bodies – as demonstrated by past attempts to merge the top two commercial networks in various territories being denied by antitrust authorities. Instead of merging with a single competitor, MFE aims to gain scale by uniting key networks across different nations.
It’s projected that consolidating ProSiebenSat.1’s operations with its Italian and Spanish branches could yield an extra €419 million ($491 million) annually in EBIT by the fourth year, mainly due to advertising, technology, and data synergies. The organization anticipates investing approximately €145 million ($170 million) once for achieving these efficiencies.
The deadline for accepting both the MFE and PPF proposals is set for August 13. However, it may be extended according to German takeover regulations.
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2025-07-28 10:54