MFE Secures Majority Stake in ProSiebenSat.1: A New Era in European Broadcasting
MFE-MediaForEurope has gained a 75.61% stake in ProSiebenSat.1, marking a successful takeover of the German broadcaster. The acquisition is part of MFE's strategic plan to form a European ad-funded TV platform, aiming to compete with major U.S. streaming services. This expansion highlights MFE's European ambitions.
MFE-MediaForEurope announced its successful acquisition of a 75.61% stake in ProSiebenSat.1 on Thursday, after a lengthy takeover battle for the German broadcaster.
This acquisition is part of a broader strategy by MFE, led by Italy's Berlusconi family, to establish a European television platform funded by advertisements. The plan comes amid stiff competition for viewers and advertising dollars. Following the announcement, MFE shares surged by 5.2% at 0929 GMT.
The acquisition offer, which concluded on Monday, valued ProSiebenSat.1, also active in Austria and Switzerland, at approximately 1.8 billion euros ($2.1 billion). MFE operates TV channels in Italy and Spain and views this European expansion as crucial for competing against dominating U.S. streaming services like Netflix and YouTube.
(With inputs from agencies.)
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