Czech investment group PPF has launched an all-cash offer to increase its stake in German media conglomerate ProSiebenSat.1, signaling a bold move to deepen its influence in one of Europe’s largest commercial broadcasting markets. The offer, priced at €7.00 per share, aims to lift PPF’s ownership to as much as 29.99%, just below the 30% threshold that would trigger a mandatory takeover bid under German law.
PPF currently holds a 15.04% stake in ProSiebenSat.1 through shares and financial instruments. The proposed bid, if fully accepted, would bring the group’s holding to 29.99%, aligning with its stated goal of becoming a long-term strategic investor in the company. The offer values the shares at a 31.5% premium to ProSiebenSat.1’s three-month volume-weighted average share price.
In a statement, PPF said its aim is “to support ProSiebenSat.1 in its digital transformation and long-term strategy,” and clarified that it does not seek control or a majority position. “Our investment in ProSiebenSat.1 reflects our confidence in the company’s potential and our belief in the importance of independent, commercially funded media in Europe,” the group said.
The offer is being made through PPF’s wholly owned subsidiary, PPF Investments, and will run for four weeks following the publication of the offer document, which is expected in the coming days. PPF emphasized that the offer is not conditional on reaching the maximum target of 29.99%, nor does it include any conditions tied to board representation or corporate governance changes.
This move comes amid prolonged challenges for ProSiebenSat.1, which has struggled with declining advertising revenues and pressure to pivot more decisively toward digital and streaming formats. The company has undergone several leadership changes and recently announced plans to divest non-core assets to streamline its operations.
With this offer, PPF emerges as a stronger counterweight to MediaForEurope (MFE), the investment vehicle of Italy’s Berlusconi family, which is currently the largest shareholder in ProSiebenSat.1 with a stake of over 28%. PPF’s calculated limit of just under 30% appears aimed at avoiding a direct control battle while still gaining meaningful influence over strategic decisions.
PPF has a growing portfolio of media assets across Central and Eastern Europe and has recently been expanding its investments in Western Europe. Its move on ProSiebenSat.1 is part of a broader strategy to build a pan-European media presence capable of competing in a consolidating industry shaped by platform-driven consumption and shifting viewer habits.
Founded by the late Czech billionaire Petr Kellner, PPF manages assets worth more than €40 billion across multiple sectors, including telecommunications, finance, and media. The group has made clear that its media investments are driven by both commercial and civic considerations, underscoring the value of maintaining strong, independent media voices in European markets.
The outcome of the offer could significantly reshape the shareholder dynamics at ProSiebenSat.1 and influence the company’s next phase of transformation. For now, PPF is positioning itself as a strategic partner rather than an aggressor—quietly building its stake, but leaving little doubt about its long-term intentions.