The executive and supervisory board of German media group ProSiebenSat.1 on Wednesday rejected proposals by the Berlusconi-backed MediaForEurope (Mfe) group that would have radically restructured the company.
Mfe’s proposals would have seen ProSieben spin off its Dating & Video and Commerce & Ventures operations and appoint new, pro-mfe members to the group’s board.
But ProSieben rejected that, saying while the split up was in the “unique interests of Mfe,” it was “not in the best interests of all shareholders” and that the proposals would result in “direct destruction of value” at the company. ProSieben’s board predicted the move would force down the company’s stock price without impacting its net debt load.
Mfe, which is majority-owned by the Berlusconi family’s Fininvest Group, is already ProSieben’s largest shareholder, controlling just under 30 percent of the shares in the Munich-based company, just short of the threshold that would trigger an...
Mfe’s proposals would have seen ProSieben spin off its Dating & Video and Commerce & Ventures operations and appoint new, pro-mfe members to the group’s board.
But ProSieben rejected that, saying while the split up was in the “unique interests of Mfe,” it was “not in the best interests of all shareholders” and that the proposals would result in “direct destruction of value” at the company. ProSieben’s board predicted the move would force down the company’s stock price without impacting its net debt load.
Mfe, which is majority-owned by the Berlusconi family’s Fininvest Group, is already ProSieben’s largest shareholder, controlling just under 30 percent of the shares in the Munich-based company, just short of the threshold that would trigger an...
- 3/27/2024
- by Scott Roxborough
- The Hollywood Reporter - Movie News
A Succession-style boardroom battle is playing out in Europe.
Germany’s ProSiebenSat.1 Media has rejected a set of proposals from lead shareholder MediaForEurope (Mfe) to restructure the European media giant.
The Berlusconi-family controlled Mfe (formerly Mediaset) submitted a series of motions ahead of ProSieben’s annual general meeting on April 30, which included splitting up the business and changing its capital structure.
ProSieben released a statement today rejecting the proposals, saying they are “not in the best interests of all shareholders.”
Mfe is already ProSieben’s largest shareholder, owning just less than the 30% that would trigger an automatic takeover offer under German business law.
Rumors have been swirling that the Italian company is seeking to quietly take control of the ProSieben board and de facto ownership of the business at a lower cost. Mfe hadn’t responded to a request for comment by press time.
During a bruising 2023 that saw revenues...
Germany’s ProSiebenSat.1 Media has rejected a set of proposals from lead shareholder MediaForEurope (Mfe) to restructure the European media giant.
The Berlusconi-family controlled Mfe (formerly Mediaset) submitted a series of motions ahead of ProSieben’s annual general meeting on April 30, which included splitting up the business and changing its capital structure.
ProSieben released a statement today rejecting the proposals, saying they are “not in the best interests of all shareholders.”
Mfe is already ProSieben’s largest shareholder, owning just less than the 30% that would trigger an automatic takeover offer under German business law.
Rumors have been swirling that the Italian company is seeking to quietly take control of the ProSieben board and de facto ownership of the business at a lower cost. Mfe hadn’t responded to a request for comment by press time.
During a bruising 2023 that saw revenues...
- 3/27/2024
- by Jesse Whittock
- Deadline Film + TV
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