ProSiebenSat.1 defeats MFE proposal to split up company

Bert Habets (Source: ProSieben Sat.1)

ProSiebenSat.1 has fought off a proposal from shareholders Media For Europe (MFE) and PFF to sell off its e-commerce and online dating ventures.

The investors revealed in March that they wanted the German firm to separate its TV ventures from its dating and commerce units, putting forward a motion at its AGM to force the action.

Slightly more than 70% of shareholders voted in favour of the move, but it failed to pass the threshold of 75% of votes required to make it mandatory.

MFE and PFF did, however, succeed in attempts to get its representatives onto the ProSieben board, with former RTL exec Christopher Mainusch among those appointed.

ProSieben CEO, Bert Habets, said the development ensured the company would be able to continue to build around its streamer, Joyn.

The company saw profits dive as Germany’s ad market contracted, although it reported a 6% rise in revenues and a 35% rise in earnings in its preliminary Q1 update last month, marking a potential turning of the tide for the embattled German broadcaster.

Habets added that the company is “focusing on our entertainment expertise” and “putting Joyn at the center” of operations.

“We are leveraging the potential of partnerships and we are developing new forms of monetisation. We are therefore on the right path to becoming the top entertainment player in the German-speaking region,” he continued.

An MFE spokesperson said they expected “the management of ProSiebenSat.1 and the supervisory board in this new composition to get to work immediately to achieve tangible results that will increase the value of the company for the benefit of all shareholders.”