PPF group sells its stake in ProSiebenSat.1 to rival MFE
The investment group PPF has announced the end of its investment in the German media company ProSiebenSat.1 Media SE. On Wednesday, August 27, the firm confirmed its decision to accept a takeover offer from its rival, the Italian company MFE-MediaForEurope, and to sell all of its 36,539,628 shares. This package represents approximately 15.68% of ProSiebenSat.1's share capital. Alongside the share sale, PPF is also terminating other financial instruments through which it held voting rights in the company.
The decision followed the expiration of deadlines for two competing public tender offers. According to a statement from PPF, neither offer generated sufficient interest. While MFE's bid attracted a limited number of shareholders, PPF itself was unable to secure enough support for its objectives. As a result, MFE now holds over 43% of the voting rights, a position that will highly likely ensure it a simple majority at general meetings.
PPF, a major Czech-based financial group founded by the late Petr Kellner and now led by his widow Renáta Kellnerová, stated that the low interest in its proposal makes it impossible to continue in its intended role as a strategic investor acting as an equal partner to MFE. The group had aimed to share its experience in developing digital television and streaming platforms. However, PPF noted that its involvement contributed to an improvement in MFE's original offer, which it believes increased value for all of the German media firm's shareholders. PPF has declared it will continue to seek investment opportunities in the German market.
This sale marks the conclusion of a prolonged struggle between the Czech and Italian magnates for decisive influence over the German television group. The rivalry intensified in the summer of 2025 when both groups published competing offers to buy out minority shareholders. In early August, the management of ProSiebenSat.1 sided with the Italian group, MFE-MediaForEurope, which is controlled by the family of the late Italian Prime Minister Silvio Berlusconi. The board officially recommended that its shareholders accept MFE's improved offer, deeming it more advantageous than PPF's competing proposal.
The strategic visions of the two major shareholders for the future of ProSiebenSat.1 were fundamentally different. The Berlusconi family's MFE saw an opportunity in consolidating traditional television businesses, aiming to create a pan-European broadcasting giant by linking ProSieben's German channels with its Mediaset networks in Italy and Spain to compete with global digital players. In contrast, PPF advocated for a strategy focused on digital platforms and the expansion of streaming services.
MFE's final offer consisted of 4.48 euros in cash plus 1.3 of its own shares for each ProSiebenSat.1 share, valuing the German company's stock at approximately 8.07 euros per share at the time. This represented a 24% premium over the market price before MFE first announced its intentions. PPF's offer was a final cash bid of 7 euros per share. ProSiebenSat.1's management supported MFE's bid based on projected annual operating savings of up to 150 million euros following a full integration, though it cautioned that this figure was a preliminary estimate subject to uncertainties.
ProSiebenSat.1 operates 15 television channels, the streaming application Joyn, and businesses in the online dating, radio, and print markets.