The battle for ProSiebenSat.1 has concluded with Czech investor PPF withdrawing from the bidding and selling its entire 15.7% stake to MFE-MediaForEurope (MFE). This decision paves the way for the Berlusconi family’s holding company to secure majority control of the German broadcaster.
PPF announced on August 27, 2025, that it would tender all 36.5 million shares—representing 15.68% of ProSiebenSat.1’s outstanding share capital—into MFE’s public offer. They will also unwind their remaining financial instruments in the company. “Although the MFE offer has received only limited acceptance, PPF hasn’t been able to attract enough shareholders to support its objectives,” the Czech company stated. “With already more than 43% of ProSiebenSat.1 voting rights, MFE’s shareholding is very likely sufficient to secure a simple majority at every shareholder meeting. Due to the limited acceptance of its offer, PPF cannot continue its original role as a strategic investor.”
PPF emphasized that it acted as a “catalyst” in pushing MFE to improve its offer terms, benefiting all shareholders. Despite leaving the broadcaster, PPF highlighted Germany's importance, citing other holdings like Vitronic and Škoda Transportation.
For MFE, led by Pier Silvio Berlusconi, this is a significant victory. With over 43% of voting rights, they are poised to surpass the 50% threshold by September 4th. This will allow MFE to consolidate ProSiebenSat.1’s financials, although a domination and profit transfer agreement requires a three-quarters majority. MFE anticipates cost and revenue synergies through integration with its Italian and Spanish operations. Pier Silvio Berlusconi aims to create a pan-European media powerhouse to rival Netflix and Disney+.
PPF’s retreat, controlled by Renáta Kellnerová, ends months of speculation about its potential counterweight to MFE. PPF's attempt to reach a nearly 30% stake failed to gain sufficient shareholder support. This outcome represents a major shift in the German television market, already undergoing consolidation with RTL Group's acquisition of Sky Deutschland. MFE now must focus on stabilizing ProSiebenSat.1's performance and demonstrating the value of its European media strategy.