ZURICH – Italian businessman Silvio Berlusconi household’s MediaForEurope NV automobile has notified the Austrian competitors authority in regards to the “acquisition of de facto sole management of ProSiebenSat1 Media DE Deutschland”, the competitors watchdog mentioned.
ProSieben, which operates a number of German tv stations, had no remark. MFE had no touch upon the notification, which was first reported by German media portal DE24LIVE.
Sources near the matter mentioned the submitting was technical in nature and didn't signify a brand new growth in MFE’s courting of the German firm.
One of many sources mentioned it was a essential step underneath Austrian regulation as a result of MFE, with its round 29.9% stake in Prosiebensat.1, may management a majority of voting rights at shareholder conferences, the place turnout has been ranging between 53-56%.
The announcement, dated Dec. 13 on the Austrian regulator’s web site was made as a result of ProSieben additionally operates in German-speaking Austria. The assertion didn't point out that MFE’s stake had modified in dimension.
MFE has lengthy seen tie-ups amongst European friends as a approach to answer stiff competitors within the trade from streaming teams corresponding to Netflix or Amazon. ProSiebenSat.1 has to this point proven little curiosity in any cooperation.
MFE, managed by the previous Italian prime minister’s household, has constructed, partly by derivatives, a 29.9% voting stake in its German rival, cementing its place as single largest shareholder.
The stake is slightly below the 30% threshold that underneath German regulation would set off a compulsory buyout provide.
In November, MFE, struggling like its European friends with falling promoting revenues and rising prices, has referred to as for a change in technique on the German broadcaster, which constitutes a key a part of its portfolio.
“We haven’t actually seen ProSieben tackle the massive challenges the trade faces: viewers decline, digital transformation … and the necessity for scale to compete with digital giants,” MFE finance chief Marco Giordani advised analysts.
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