According to reports from a number of media outlets in Germany, MediaForEurope (MFE) could announce the acquisition of ProSiebenSat after the country’s federal elections on 23 February.
The Italian media group, owned by the family of the late former Italian prime minister, Silvio Berlusconi, has long been rumoured to be interested in the German broadcaster.
MFE recently increased its holding to 29.9 per cent, just beneath the level at which a takeover bid would be mandatory under German law. Speculation was further fuelled by comments made by MFE CFO, Marco Giordani, in which he was broadly critical of management and said “radical choices” were needed.
MFE has plans for a pan-European free TV hub and has reportedly raised €3.4 billion in financing to pursue its aim.
Facing shareholder pressure, ProSiebenSat1 is expected to announce a programme of job cuts under cost savings plans made by group CEO, Bert Habets. According to leaks reported in HandelsBlatt, the cuts will have “a significant impact on the TV and streaming sector.”
Industry speculation suggests a bid could come shortly after the election and the release of ProSiebenSat1’s annual financial statements.
