Key Highlights:
- ProSieben Board Meeting: German broadcaster ProSiebenSat.1 to discuss a potential deal with U.S. private equity firm General Atlantic.
- Stake Acquisition: ProSieben aims to buy General Atlantic’s minority stakes in digital assets, including ParshipMeet Group, Verivox, and Flaconi.
- Strategic Impact: The move could streamline ProSieben’s planned asset sales and potentially avoid a shareholder vote.
- MFE’s Interest: Top investor MFE-MediaForEurope (Berlusconi family-backed) is gearing up for a potential takeover bid.
ProSieben Weighs Key Deal to Acquire General Atlantic’s Stake
March 16, 2025 – ProSiebenSat.1’s supervisory board is set to convene on Sunday to discuss a pivotal deal that may grant General Atlantic a minority stake in the broadcaster, sources told Reuters.
Currently, General Atlantic holds stakes in several ProSieben digital ventures, including:
- Verivox (price comparison website)
- Flaconi (online perfume retailer)
- ParshipMeet Group (online dating platform)
As ProSiebenSat.1 looks to offload these assets, acquiring General Atlantic’s stake is a crucial step. The proposed deal involves issuing a mandatory convertible bond or using treasury shares as payment, enabling ProSieben to take full ownership of these digital units.
A Strategic Move to Unlock Asset Sales
General Atlantic currently has the power to block sales of Verivox and Flaconi. By securing full ownership, ProSieben removes this obstacle, making the sale process smoother.
Additionally, the company is considering issuing new shares via a ‘contingent capital increase’, which allows for up to 23.3 million shares (10% of its share capital) to be issued with only supervisory board approval—avoiding the need for a shareholder vote.
MFE-MediaForEurope Eyes a Takeover
ProSieben’s top investor, MFE-MediaForEurope (backed by Italy’s Berlusconi family), holds nearly 30% of ProSieben’s shares—just below the threshold that would trigger a mandatory takeover bid under German law.
MFE has reportedly secured a €3.4 billion financing package to fund a potential takeover of ProSieben later in 2025. If MFE’s stake surpasses 50%, a “change of control” clause in ProSieben’s debt agreements could force a €2.1 billion debt repayment.
As of Friday’s market close, ProSiebenSat.1 had a market capitalization of €1.4 billion.
Stay tuned for updates on this evolving media industry shake-up.
