Mediaset Group

Mfe gains full control of Prosiebensat: over 75 per cent

After the completion of the Opas with 75.61% of the capital and 75.67% of the voting rights, Mfe-Mediaforeurope definitively gets its hands on the German TV station Prosiebensat

4 September 2025

2' min read

With 75.61% of the capital and 75.67% of the voting rights, Mfe-Mediaforeurope gets its hands definitively on German TV channel Prosiebensat. The take-over bid, concluded at the beginning of September after months of skirmishes and a competing offer from the Czech group Ppf (which, however, eventually decided to exit the company by adhering to the Mediaset group's offer), gives the Berlusconi family's holding company control of a crucial TV market player in Germany, Austria and Switzerland.

The tender offer, which was launched in May and then re-launched in July with an improved equity component, provided for a consideration of EUR 4.48 per Prosieben share in cash plus 1.3 Mfe A ordinary shares. In total, the deal valued the German group at around EUR 1.8 billion.

The news pushed up Mfe shares, which were gaining more than 5% at the end of the morning, a sign that the markets read the deal as a crucial step in the group's consolidation strategy.

The battle for control of Prosieben was not without its obstacles. In the end, however, Cologno Monzese's strategy prevailed, culminating in the confirmation that the last condition precedent - the green light from the US antitrust authorities - has also been met. The settlement, i.e. the settlement of the offer with the delivery of the consideration to the shareholders who have adhered to it, is scheduled for 16 September. Subsequently, the fractional rights generated by the exchange into Mfe shares will also be settled, probably by the end of the month.

With this transaction, Mfe becomes the first major European television group with a private majority and a strong multinational footprint in Italy, Spain and Germany. This is much more than a financial game. The €1.8 billion deal marks a turning point for the future of European generalist TV, traditionally fragmented on a national basis, and constantly under pressure from the flight of advertising and viewers to global platforms such as Netflix, YouTube or Disney+.

'Mfe has a concrete industrial project: we face it with realism and prudence, knowing that it will not be easy and that there is much to do. But we pursue it with enthusiasm,' said Mfe CEO Pier Silvio Berlusconi two days ago following a meeting with German Culture and Media Minister Wolfram Weimer. 'We want to build a pan-European broadcasting and media hub that can finally stand up to and compete with the web giants. And we are firmly convinced that Germany is the fundamental starting point for any European development project,' the Mediaset number one added.

Industrial logic, then: critical mass is needed to attract advertising investment and produce competitive content. But several unknowns remain open. The governance of the new group will be called upon to balance different publishing sensitivities, between the typically Italian commercial approach and the cultural and institutional roots of the German market. And at the level of governance, all eyes are now on the two members of the Supervisory Board who are expressions of the Czech group Ppf: if the holding company has left Prosiebensat, it is unlikely that they will remain in place without resigning. This will be the first step for the new Mediaset-branded Prosiebensat.

Andrea BiondiVicecaposervizio
Luogo: Milano
Lingue parlate: Italiano, Inglese, Francese
Argomenti: Finanza, Media, Telecomunicazioni, Economia dell'entertainment, Innovazione
Scheda autore
Trust project