The takeover battle for ProSiebenSat.1 has reached its conclusion: Czech investor PPF is withdrawing from the German broadcaster and selling its entire 15.7% stake to MFE-MediaForEurope.
The move clears the way for the Berlusconi family’s holding company to secure majority control of ProSiebenSat.1.
PPF announced late on 27 August 2025 that it would tender all 36.5 million shares it holds in ProSiebenSat.1 – equivalent to 15.68% of the outstanding share capital – into MFE’s public offer, and unwind its remaining financial instruments in the company. The decision follows the closing of the initial offer period in the high-stakes bidding war between PPF and MFE.
“Although the MFE offer has received only limited acceptance, PPF hasn’t been able to attract enough shareholders to support its objectives,” the Czech company said. “With already more than 43% of ProSiebenSat.1 voting rights, MFE’s shareholding is very likely sufficient to secure a simple majority at every shareholder meeting. Due to the limited acceptance of its offer, PPF cannot continue its original role as a strategic investor.”
PPF stressed, however, that it had acted as a “catalyst” in prompting MFE to improve its offer terms, which ultimately boosted ProSiebenSat.1’s market valuation and benefitted all shareholders. While leaving the broadcaster, PPF highlighted that Germany remains a key market through other holdings such as industrial vision specialist Vitronic and transport group Škoda Transportation.
For MFE, led by Pier Silvio Berlusconi, the decision marks a breakthrough. With more than 43% of voting rights already secured, the company is set to cross the 50% threshold once the final acceptance period closes on 4 September. That would allow MFE to consolidate ProSiebenSat.1’s revenues and profits into its accounts, though a domination and profit transfer agreement would still require a three-quarters majority.
MFE is betting on annual cost and revenue synergies from closer integration with its operations in Italy and Spain. Pier Silvio Berlusconi has outlined ambitions to create a pan-European media powerhouse capable of challenging global streaming giants such as Netflix and Disney+.
The retreat of PPF, controlled by billionaire Renáta Kellnerová, ends months of speculation about whether the Czech group could act as a counterweight to MFE. PPF had sought to build up its holding to nearly 30%, but failed to win sufficient shareholder backing.
The outcome marks a significant shift in the German television market which is facing broader consolidation: RTL Group recently struck a deal to acquire Sky Deutschland, signalling deep structural change in Europe’s broadcasting sector.
With PPF stepping aside, MFE now faces the task of stabilising ProSiebenSat.1’s business performance and showing that its strategy for a European media group can create sustainable value in competition with US streaming services.
