The Italian group MediaForEurope (MFE), controlled by the family of Silvio Berlusconi, has acquired an additional share “of up to 4%” in the German media company ProSiebenSat.1
The Italian group MediaForEurope (MFE), controlled by the family of Silvio Berlusconi, has announced that it has acquired an additional share “of up to 4%” in the German media company ProSiebenSat.1, bringing its total stake “to 29 %”. MFE (formerly Mediaset), which is seeking to create a large European media group capable of competing with the heavyweights of online broadcasting, such as the American Netflix, is the main shareholder of ProSiebenSat.1.
If the Italian group exceeded the 30% threshold, it would be obliged to launch a takeover bid. Thanks to this new transaction, MFE obtained “up to 29.9%” of the voting rights of ProSiebenSat.1, the company said in a press release. MFE had crossed in March the bar of 25% of voting rights in the German media group.
Another sign of its expansion in Europe, MediaForEurope rose in July to 82.9% of the capital of its Spanish subsidiary Mediaset Spain following a takeover bid launched in March. Associated with Xavier Niel (Iliad group), MFE had submitted an offer for Bertelsmann’s 48.3% stake in the French television group M6, a sale which the German media giant finally gave up in early October.
MFE saw its net profit drop nearly 63% to 84.6 million euros in the first half, due to a slowdown in advertising revenue. Its turnover remained practically unchanged, at 1.38 billion euros.