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Italian Media Group Moves Closer to ProSiebenSat.1 Takeover

An Italian media group, primarily owned by the family of the late leader Silvio Berlusconi, has advanced toward acquiring the German broadcasting giant ProSiebenSat.1. This development, confirmed on Wednesday, has raised alarms in Berlin regarding the preservation of journalistic independence within the media landscape. The proposed acquisition is valued at nearly 1.9 billion euros (approximately $2.2 billion).

In a significant move, ProSiebenSat.1’s board recommended shareholders accept a recent offer from MediaForEurope (MFE), led by Pier Silvio Berlusconi, the son of the former media mogul and politician. MFE aims to establish a pan-European media entity capable of competing with leading streaming services like Netflix. Despite the potential benefits of this acquisition, the German government has expressed apprehension about the implications for media autonomy.

Wolfram Weimer, Germany’s Minister of Culture, promptly articulated concerns following ProSiebenSat.1’s endorsement of MFE’s offer. He stated, “Should MFE actually gain majority control of ProSiebenSat.1, we expect the editorial independence of the newsrooms to be preserved.” Weimer also indicated plans to meet with Pier Silvio Berlusconi in Berlin in September 2023 to further discuss the takeover.

The board of ProSiebenSat.1 highlighted the strategic advantages of accepting MFE’s bid, noting it reflects MFE’s long-term commitment to the German company. The statement also mentioned potential annual savings of 150 million euros should the deal proceed. This bid follows MFE’s enhanced offer, which includes a share exchange of 1.3 MFE shares for each ProSiebenSat.1 share, while maintaining a cash component of 4.48 euros per share. This values ProSiebenSat.1 shares at around eight euros, surpassing the seven euros per share cash offer from Czech group PPF, which has opted not to increase its bid.

Despite MFE’s significant stake in ProSiebenSat.1, the company has not publicly commented on the latest developments following the recommendation. However, in announcing the improved bid last week, Pier Silvio Berlusconi emphasized MFE’s ambition to “build what is still lacking: a strong, locally rooted European group of sufficient size to compete globally.” He reaffirmed MFE’s dedication to its founding principles, including business ethics, pluralism, freedom of information, and employment protection.

MFE, formerly known as Mediaset, has attempted to acquire ProSiebenSat.1 multiple times since 2003, facing opposition from Berlin each time. The media landscape in Europe is evolving rapidly, prompting MFE’s efforts to consolidate its holdings in response to the growing dominance of global streaming platforms.

As discussions progress, the outcome of this takeover could significantly reshape the German media landscape and influence the broader European media market.

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