Berlusconi’s MediaForEurope ups ProSiebenSat.1 stake, nears takeover bid

Bert Habets

MediaForEurope, the company founded by the late Italian prime minister Silvio Berlusconi, has increased its stake in German broadcast group ProSiebenSat.1, bringing it just short of the threshold required to submit a takeover bid.

The Milan-based company, which is still majority-owned by the Berlusconi family via holding company Fininvest, following the death of the politician in June, has upped its interest in the German company to 28.9%.

While MediaForEurope already held the largest stake in ProSiebenSat.1, if it reaches 30%, it would be required to submit a takeover bid to the shareholders, which appears to be its intent. Late last year, MediaForEurope informed the Austrian Federal Competition Authority that it planned to take “de facto sole control” of the German company.

ProSiebenSat.1, which is led by CEO Bert Habets, saw its earnings plummet in the second quarter as the German market’s advertising weakness took a heavy toll on its top line. The group announced plans in July to cut around 400 roles as part of its “realignment” to a digital-first business.

These cuts amounted to around 10% of its workforce, with a total of 30% anticipated to be departing from across the organisation in the coming months, as exclusively revealed by TBI in June.