The battle for ProSiebenSat.1 has entered a new chapter, as Italian media company MFE-MediaForEurope and Czech investment group PPF increased their stakes stakes in the German broadcaster following the closure of their competing offers.
MFE announced on Monday that it has raised its shareholding to 43.57% as of 13 August, combining acceptances from its voluntary takeover offer with shares it already owned and purchases made outside the offer. ProSiebenSat.1 shareholders who have not yet tendered their shares can still do so during an additional acceptance period running from 19 August to 1 September. The final outcome will be announced on 4 September. Based on MFE’s Milan share price on 15 August, the bid – offering 1.3 MFE-A shares plus €4.48 in cash per ProSiebenSat.1 share – implied a value of about €7.99 per share.
Meanwhile, PPF concluded its rival offer with a final 18.41% stake. Its acquisition period also ended on 13 August and cannot be extended. Settlement is expected by 28 August.
“MFE and PPF have been important shareholders of ProSiebenSat.1 for a long time. With their offers, they have underscored their long-term investment and commitment to our company. We will now wait for the end of the additional acceptance period for MFE’s offer, which will provide clarity about the future shareholder structure,” said ProSiebenSat.1 CEO Bert Habets.
The latest developments mark a further milestone in the battle between MFE and PPF for ProSiebenSat.1. MFE, controlled by former Italian prime minister Silvio Berlusconi’s family through its Fininvest holding, launched its bid in March to strengthen its grip on ProSiebenSat.1, having steadily built a strategic stake since 2019. In July, it raised its offer in an effort to convince more shareholders to accept, a move welcomed by ProSiebenSat.1’s management earlier this month.
PPF, controlled by Czech billionaire Renáta Kellnerová and her family, countered with a partial offer of its own in June, emphasising a more gradual approach and the benefits of a diversified European media strategy. While the group secured a sizeable stake, its bid has now lapsed.
The outcome of the additional acceptance period will determine whether MFE moves closer to outright control. Analysts note that a holding of over 50% could allow MFE to consolidate ProSiebenSat.1 into its accounts while 75% would enable full integration, but regulatory clearances could still be required. For now, the broadcaster’s ownership remains divided between two powerful investors, prolonging uncertainty over its strategic direction.
