A power struggle is building up over Germany commercial broadcaster ProSiebenSat.1.
Czech investment group PPF has officially launched a competing bid to increase its stake in ProSiebenSat.1, offering €7.00 per share in cash – a premium alternative to the recent offer made by MFE-MediaForEurope, backed by Italy’s Berlusconi family.
PPF, currently the second-largest shareholder in ProSiebenSat.1 with a stake of around 15%, aims to raise its ownership to up to 29.99%. This move would put it on par with MFE’s stake, setting the stage for a high-stakes duel for influence over the German broadcaster’s strategic direction.
PPF’s offer represents a 17% premium over ProSiebenSat.1’s Xetra closing price on 9 May 2025 and a 21% premium to the implied value of MFE’s bid. “We put forward a compelling all-cash offer and intend to take a much more active role in the Supervisory Board going forward,” said Jiří Šmejc, CEO of PPF Group. “We hope this is appealing to shareholders and stakeholders alike and paves the way for unlocking the potential of ProSiebenSat.1.”
The Czech company emphasised its long-term investment ambition and confidence in ProSiebenSat.1’s ongoing transformation. “Despite ProSiebenSat.1’s challenges and the turbulent market environment, I believe that the management has the right strategy in place, which we fully support,” said Didier Stoessel, PPF’s Chief Investment Officer.
The offer is not a full takeover, as PPF does not aim to acquire a controlling interest. Instead, it allows shareholders who seek a quick exit to sell their shares at a favourable price, while PPF positions itself for stronger influence through proportional representation on the Supervisory Board.
ProSiebenSat.1’s Executive Board welcomes the competing offer. “PPF has been a long-standing investor in ProSiebenSat.1 having a deep understanding of our business,” said Bert Habets, Group CEO of ProSiebenSat.1. “The Executive Board is supportive of PPF’s increased commitment to ProSiebenSat.1, as evidenced by the terms of its offer, and appreciates its support for our digital transformation strategy.”
The broadcaster confirmed that the PPF offer presents a more attractive financial proposition compared to the mixed cash-and-share bid made by MFE. ProSiebenSat.1 added that the offer provides a clear and immediate monetisation opportunity for investors, without exposing them to the long-term risks inherent in the company’s transformation efforts.
PPF’s announcement intensifies the contest for control at ProSiebenSat.1, with both major investors now vying for stronger influence over the future of one of Europe’s largest commercial media companies. As the battle between the two heavyweight investors unfolds, the ultimate decision now rests with ProSiebenSat.1’s shareholders.
