Rome (AFP) – Italy’s MediaForEurope (MFE) announced Thursday it had taken control of one of Germany’s biggest private broadcasting groups, as it seeks to build a pan-European group able to compete with streaming giants.
MFE, the biggest commercial television network in Italy which is majority-owned by the Berlusconi family, secured more than 75 percent of shares in the German company through a takeover offer. ProSieben, which has 15 television channels, had recommended its shareholders accept MFE’s offer, which values the company at nearly 1.9 billion euros ($2.2 billion).
And on Thursday, group chief executive Bert Habets said MFE’s announcement marked an “important milestone.” “Together, we cover five core European markets, with ProSiebenSat.1 being a leader in Germany, Austria and Switzerland, and MFE in Italy and Spain, reaching a combined population of about 210 million people,” he said in a statement. “In the coming weeks, we will work closely with MFE to identify the most promising opportunities for a deepened collaboration and align our vision for the future.”
MFE, led by Pier Silvio Berlusconi, son of the late media tycoon and Italian prime minister Silvio Berlusconi, already held a one-third stake in ProSieben. It initially faced competition for the takeover from PPF, backed by Czech billionaire Renata Kellnerova. But when the Italians raised their offer in July, the Czechs did not follow suit. Last week, PPF announced it would sell its 15.68 percent stake to MFE.
The German government had expressed concern that journalistic independence could be affected by the takeover. But Germany’s minister for media and culture, Wolfram Weimer, met Pier Silvio Berlusconi earlier this week and appeared to reach an accord.
– Standing up to tech giants –
“Editorial independence is of central importance — it must not be compromised,” Weimer said in a statement. “On this point, we are in full agreement, and that provides a solid foundation for successful engagement in the German media market.”
Berlusconi said in the same statement that MFE would produce more local programming “with more news, more entertainment shows, and more TV series,” also saying he wanted to safeguard jobs. “Our goal is to create a pan-European broadcasting and media group capable of standing up to the global tech giants and competing with them,” he said. “We are firmly convinced that Germany is the ideal starting point for European initiatives of this kind.”
Formerly known as Mediaset, MFE has sought to acquire ProSieben on several occasions in the past — its first attempt was back in 2003, with Berlin opposing the move. Silvio Berlusconi, who dominated Italian politics in the late 1990s and early 2000s, died in 2023.
© 2024 AFP
