The TV group controlled by Italy's Berlusconi family has made commitments to Berlin that it will continue to invest in ProsiebenSat.1's local broadcasting operations and will preserve editorial independence after it takes over its German peer.
MFE-MediaforEurope (MFEB.MI) is set to take a majority stake in Bavaria-based ProSieben (PSMGn.DE) after the company's second-largest investor said it would tender its holdings to MFE as part of a cash-and-share bid valuing the German group at about 1.8 billion euros ($2.11 billion).
The takeover is part of wider push by MFE, run by Pier Silvio Berlusconi, the 56-year-old son of the late former Italian prime minister, to create a European ad-funded TV platform to withstand competition in the industry. MFE already runs TV operations in Italy, its home market, and in Spain.
The move has sparked concerns in Berlin, where Culture Commissioner Wolfram Weimer has sought assurances regarding job security, editorial independence, and the continued strategic importance of ProSieben’s Munich headquarters.
On Tuesday, Berlusconi and Weimer held a meeting in Berlin, "during which MFE reaffirmed its strong commitment to Germany as a location and to preserving editorial independence", they said in a joint statement.
"We want to produce and offer more localised content tailored to the German audience: more news, more entertainment shows, and more TV series - and over time, fewer acquired formats - just as we already do in Italy and Spain," said Berlusconi.
"We aim to preserve jobs and strengthen ProSiebenSat.1’s roots in Bavaria, Germany," he said.
For his part, Weimer said Berlusconi agreed that ProSieben's editorial independence must not be compromised. "We are in full agreement on this point, and that is a good foundation for successful engagement in the German media market."
"The emergence of a major pan-European platform based in Munich is good news," said Weimer.
Official results of the MFE's offer will be published on September 4.
($1 = 0.8542 euros)
