MFE-MediaForEurope seeks ProSiebenSat.1 asset split
MARCH 21, 2024 09.43 EUROPE/LONDON BY JÖRN KRIEGER

MFE-MediaForEurope, the largest investor in German media company ProSiebenSat.1, called on shareholders to back a plan to spin-off its e-commerce and dating assets at the AGM on 30 April, 2024.

The asset split could help MFE mount a potential buyout approach for ProSiebensat.1 as it looks to expand across Europe, reports Reuters. The Italian media group formerly known as Mediaset first invested in ProSiebenSat.1 in 2019 and now holds nearly 30% of the shares.

“The implementation of the spin-off would result in two separate listed companies operated by their own independent management teams,” MFE said in a statement, adding that the move would “increase value for all ProSiebenSat.1 shareholders.”

MFE also proposes to appoint “an experienced independent M&A and capital markets expert” to the Supervisory Board at the upcoming AGM to “strengthen the Supervisory Board’s expertise and capabilities.”

The proposals could fuel speculation that MFE is preparing a full takeover of ProSiebenSat.1, although the company repeatedly denied such a move, arguing that it would rather seek closer collaboration.