MediaForEurope (MFE), the pan-European media group backed by Italy’s Berlusconi family, has increased its takeover bid for German broadcaster ProSiebenSat.1, valuing the company at €2.01 billion (approx. $2.36 billion) — a substantial step up from its initial offer earlier this year.
The revised offer includes €4.48 in cash and 1.3 newly issued MFE A shares for each ProSiebenSat.1 share — significantly more than the 0.4 shares included in the earlier proposal that was rejected in May. That previous bid had pegged ProSieben’s value at just over €1.34 billion.
The response from the market was immediate: ProSiebenSat.1 stock surged more than 10%, indicating investor optimism around the raised valuation.
Strategic Context: Not a Hostile Takeover, But a Vision for Integration
MFE emphasized that the proposal is “industrial, not financial” — positioning itself as a strategic partner rather than a hostile acquirer. CEO Pier Silvio Berlusconi described the approach as a move to create strategic alignment without full control, suggesting a vision to co-steer Europe’s fragmented media landscape toward a more unified, competitive future.
This is particularly relevant as European broadcasters grapple with declining traditional TV revenues, rising content costs, and platform fragmentation in the face of global streaming giants.
Competitive Pressure Mounts: PPF’s Parallel Offer
The bid comes amid another ongoing play: Czech investment firm PPF, which already owns a significant stake in ProSiebenSat.1, made an all-cash offer earlier this year to raise its ownership to 29.99%, offering €7 per share. While ProSieben’s board acknowledged the offer, it stopped short of endorsing it — saying it reflected “commitment” but did not reflect the company’s full potential.
With both suitors eyeing influence rather than outright control, ProSiebenSat.1’s role in shaping pan-European media consolidation is becoming more central than ever.
The broadcaster now has until August 13 to respond to MFE’s new offer — unless the deadline is extended.
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IMAGE: Reuters
