Italy's MediaForEurope (MFE) group, majority-owned by the Berlusconi family, said today it had secured a controlling stake in German broadcasting giant ProSiebenSat.1 through a takeover offer.
MFE, the biggest commercial television network in Italy, said it had secured more than 75% of shares in the German company, as it seeks to build a pan-European group big enough to compete with streaming giants.
MFE, led by Pier Silvio Berlusconi, son of the late media tycoon and politician, already held a one-third stake in ProSieben, one of Germany's biggest private broadcasting groups.
At the end of the offer period on September 1, MFE had secured approximately 75.61% of the share capital and 75.67% of the voting rights in the Germany group, it announced.
ProSiebenSat.1 had recommended its shareholders accept MFE's offer, which values the company at nearly €1.9 billion.
The German government had expressed concern that journalistic independence could be affected by the takeover.
But Germany's minister for media and culture, Wolfram Weimer, met Pier Silvio Berlusconi earlier this week, and appeared to reach an accord.
"Editorial independence is of central importance - it must not be compromised. On this point, we are in full agreement, and that provides a solid foundation for successful engagement in the German media market," Weimar said in a statement.
PPF, backed by Czech billionaire Renata Kellnerova, had lodged a rival bid for ProSieben but when the Italians raised their offer in July, they did not follow suit.
Last week, PPF announced it would sell its 15.68% stake to MEF, all but ensuring the Italians had a controlling stake.
