Berlusconi's plans with Prosieben revealed?
MFE Takes Over ProSiebenSat.1: Accelerating Divestment and Focusing on Local Content
In a significant move for the German media landscape, MFE MediaForEurope, the Berlusconi family's holding company, has secured a 75.61% majority stake in ProSiebenSat.1. This takeover is expected to accelerate the process of divesting non-core activities at ProSiebenSat.1, as MFE outlines its strategy for the broadcaster.
MFE's strategy for ProSiebenSat.1 includes producing and offering a more local offering in Germany, with a focus on news, entertainment shows, and TV series. Munich will be further developed as a hub for content, innovation, and employment by MFE. The company aims to maintain jobs and strengthen ProSiebenSat.1's ties to Bavaria, Germany, and the entire German-speaking region.
ProSiebenSat.1, which operates 15 free and pay-TV channels in Germany, Austria, and Switzerland, has been facing difficulties due to economic and structural setbacks in the advertising business. The broadcaster has recently undergone job cuts, with around 800 jobs being eliminated. MFE, which operates 17 free-TV channels in Italy and seven free-TV channels in Spain, may push for the sale of non-core businesses at ProSiebenSat.1 to reduce debt.
Politicians and regulators are closely monitoring the takeover, ensuring that the interests of consumers, employees, and the public are protected and that MFE's plans align with German media laws and regulations, particularly regarding editorial independence and diversity. The Bavarian state government and Minister of State for Culture Wolfram Weimer have expressed their support for MFE's commitment to maintaining editorial independence.
Thorsten Schmiege, president of the Bavarian State Center for New Media (BLM), states that there is no concern about a dominant opinion being established through the entry of an investor like MFE, which has not been active on the German media market. MFE MediaForEurope is a media group with a diverse portfolio, including content production, distribution, licensing, and advertising sales.
The management of ProSiebenSat.1 is focusing on core entertainment and the streaming service Joyn, planning to divest non-core activities. MFE's CEO, Pier Silvio Berlusconi, aims to create a pan-European broadcasting and media group capable of competing with global tech giants. The contract of ProSiebenSat.1's Chief Financial Officer, Martin Mildner, has been extended to 2029, but it is questionable in the industry whether the entire three-member management board will remain in office in the long term.
The takeover by MFE is a significant development in the German media industry, and it will be interesting to see how ProSiebenSat.1 evolves under its new ownership. With a focus on local content, strengthening ties to Bavaria, and a commitment to editorial independence, MFE's plans for ProSiebenSat.1 could potentially lead to a more vibrant and competitive media landscape in Germany.
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