Mediaset

Mfe opens cooperation with Ppf on Prosiebensat. Berlusconi: 'Forward on the European project'

The Opa on the German company was among the topics of the evening presentation of Mediaset's programme schedules. In which from the adman Pier Silvio Berlusconi came the endorsement of the premier Meloni and the cold assessment on Ius scholae. The Striscia la Notizia knot

by Andrea Biondi

PIER SILVIO BERLUSCONI

6' min read

6' min read

Possible collaboration with Ppf on Prosiebensat. "Absolutely yes looking forward. It is a financial, strong entity. But all this only after the conclusion of the takeover bid and provided they espouse our pan-European project. We are aiming at that, not at controlling a German company'. These are the words of Pier Silvio Berlusconi, in response to a precise question on the possible developments in the match on the German subsidiary in which the Cologno group is the first shareholder with over 30% and the Czech holding company is the second shareholder.

Both groups launched a takeover bid: totalitarian Mfe (EUR 5.74 between cash and shares); up to 29.99% (at the threshold of the launch of the mandatory total takeover bid) Ppf with EUR 7 cash per share. "Honestly, we did not understand the reason why they moved in this way. I also tend to see it as an act of respect towards us. But not being able to confront each other, mine are only suppositions'.

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«Rilancio? Anything is possible"

So is the relaunch to be taken for granted? 'It is one of the options, not the only one. Everything is possible," replies the CEO and vice-president of Mfe-Mediaforeurope (the name that the Cologno group has given for some years now to the holding company that controls Mediaset and Mediaset Espana in order to better witness and manage the expansion project beyond the borders).

The most common expression regarding the Prosiebensat affair is 'chess game'. After all, the cards are covered and even during the programme schedule presentation evening they are not revealed. But some firm points seem to emerge from the reasoning of the Mediaset group's number one. First of all, that it will not be a game brought 'forward at any cost'. Which, Pier Silvio Berlusconi points out, 'does not mean that we are giving up. Quite the opposite. We believe in the European project and we will go ahead, in Germany or elsewhere. But first and foremost in Germany'. Where Mfe has invested, according to calculations made by analysts, 730 million to rise to the current quota. With the banks having financed the transaction on Prosiebensat to the tune of 3.4 billion. 'It's not a question of money,' he repeats himself.

Influence on Prosiebensat

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The subject is Ppf's intentions. Which, however, is faced with the idea of Mediaset: 'We do not want a controlling majority,' Pier Silvio Berlusconi points out, 'but to have sufficient influence to direct Prosiebensat's choices. Here the reasoning stops and one can only rely on interpretations. And one scenario, for example, could be that of a mini-raise with respect to the 7 euro proposed by Ppf to go up just enough to not go above 50% (with the need therefore to consolidate Prosiebensat's debt, which stands at 1.5 billion) but to direct the company's strategy even with Ppf at 29.9%.

Not relaunching and talking to Ppf at the conclusion of the Opa is another scenario that seems, however, to clash with the desire, reiterated by Mediaset's number one, to 'be autonomous' in the pan-European project. Even without mentioning them, the bogeyman of another possible Vivendi case with a partnership that did not take off and ended up in the courts hovers firmly over the matter.

"It will not be an upward auction with Ppf"

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"It will not be an upward auction anyway. We would not compete with a party like Ppf on this'. And this is no small statement. Here, in fact, is the reasoning behind the possible disengagement, but only by properly valuing the share and shifting the focus to other opportunities in Europe. 'We are looking ahead, we are confident and we continue to believe in our project, investing to grow abroad,' stressed the CEO, reiterating that 'the will is to go ahead with the construction of this industrial project to create a European broadcaster'. However, 'we cannot say at any cost and against everything,' Berlusconi pointed out, explaining that this 'depends on how things go. Should we find ourselves in a situation where we are not comfortable working, we are open to everything, even to a disengagement, but our path is the opposite one'.

These are all scenarios that will face the test of facts between the end of July (on 31 July Prosiebensat's accounts are due to be released, in addition to the extraordinary Mfe meeting to give the go-ahead for a further capital increase in order to beef up the offer) and the month of August. The deadline for bids expires on 13 August. Until the day before, a raise will be possible, which, in this case, would lengthen the deadline by 14 days and for which, at least according to the forecasts of Cfo Marco Giordani, speaking on the sidelines with journalists, 'do not expect follies'. It is difficult - indeed almost impossible, one would say - for Mfe to move sooner. At the conclusion of the Opa then the reasoning with Ppf could be opened.

Advertising on the rise in Italy (+2.1%)

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Although a strong theme, it was not only finance that was discussed during the evening presentation of Mediaset's programming for the coming season. Which arrived with positive advertising data: +2.1% advertising sales in the first half of the year (all media, not just TV) in Italy. And while in Italy, advertising sales are advancing (+8% for radio), the minus sign is peeping out in Spain, for a positive total.

The endorsement for Prime Minister Meloni

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There is also time to talk politics. With the door closed, even more firmly than in the past, with respect to a descent into the field because 'I love this company'. Even if Pier Silvio Berlusconi does not spare a footnote: 'My father entered politics at the age of 58. I am 56'. But it seems more colour than anything else, even if the judgements are clear-cut on some central political issues for the moment. Giorgia Meloni? 'She is the best Prime Minister in Europe. She is acting, well, as prime minister therefore aiming at the general interest, not at her political side'.

"Ius Scholae? Not the priority'

As for Ius Scholae, the position collides in fact with that of Forza Italia leader Antonio Tajani: 'I also agree with the principle. But honestly it is not the priority'. A judgement that does not, as said, go in the same direction as a party. Which is old, he is asked? "Honestly, yes. Certainly there is a political centre, 'which is a prairie and in which Forza Italia is preponderant'. Matteo Renzi would also aspire to cover that space, it is pointed out to him. 'I have great esteem for him, but he has lost political credibility'.

The evolution of Channel 5

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As for the television offer, finally, there will be news on Channel 5, with a view to the 'evolution of the channel'. Gianluigi Nuzzi will go to Pomeriggio 5 in place of Myrta Merlino "who remains in the Mediaset team available if a suitable programme comes to mind for us or her", says the adman. Bianca Berlinguer will land in the second evening, as will Federico Rampini with 'Risiko', while Tommaso Labate, journalist of the Corriere della Sera, will have his own political programme in prime time: 'Realpolitik'. On the flagship network there is also the historic change concerning Striscia la Notizia. It will start in November.

The Information and the "Affari tuoi" node

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Information - which since last season has emerged on the television scene as the real winner of television offerings in general, not just Mediaset's - will also increase on Italia 1 with Costanza Calabrese grappling with the crime-themed docu-fiction in prime time with 'Blackout' and on Rete 4 Nicola Porro arrives after the 7 p.m. news with 'Dieci minuti'. Gauntlet to Bruno Vespa's "Five minutes"? "If you want," Pier Silvio Berlusconi replies, smiling, "you can also think about changing the name. But I don't think there are any problems of that kind'. As for public television, the blow came in the form of the prime time access programme: 'Affari tuoi does great ratings, I take my hat off to you. But I ask myself: is it right for RAI, public TV, to send a game at that time that does not reward the contestants for any skill? In this sense I read it as a game of chance'.

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