ProSieben says MFE turned down offer of supervisory board seat By Reuters

March 28, 2022 admin Stock News 0


© Reuters. The logo of German media company ProSiebenSat.1 is seen in front of the headquarters in Unterfoehring near Munich, Germany, November 5, 2020. REUTERS/Andreas Gebert

BERLIN (Reuters) – German broadcaster ProSiebenSat.1 said that Italian shareholder MediaForEurope (MFE) has rejected an offer of one seat on its supervisory board.

MFE has repeatedly called for closer cooperation with the Munich-based group, in which it has a voting stake of more than 25%, as well as asking it to engage in talks over strategy, focusing on its core TV business.

Controlled by the family of Italy’s former Prime Minister Silvio Berlusconi, MFE sees building a continental TV champion as the answer to challenges posed to traditional broadcasters by streaming giants and online advertising platforms.

MFE declined to comment.

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