MediaForEurope (MFE) has significantly sweetened its voluntary public takeover bid for ProSiebenSat.1 Media SE, increasing the share component from 0.4 to 1.3 MFE‑A shares per ProSieben share while maintaining the cash portion at €4.48. Based on MFE‑A’s €2.82 closing price on Euronext Milan as of July 25, 2025—the last trading day before this announcement—the revised offer carries an implied value of approximately €8.15 per share.
This enhanced valuation represents a 15.8% premium over ProSiebenSat.1’s Xetra closing price of €7.04 on July 25, and a 24.8% premium over its March 26 closing price of €6.53, the day before MFE launched its initial bid. The unchanged all-cash competing offer from PPF IM Limited remains at €7.00 per share.
Petro‑Silvio Berlusconi, MFE’s CEO, emphasized that the increase “is not because the initial bid was inadequate, but because, as leading shareholders, we have supported this industrial project for years,” clarifying that MFE seeks strategic influence rather than full ownership. ProSiebenSat.1’s Group CEO, Bert Habets, welcomed the move: “We welcome the announced increase of the offer consideration, which underscores MFE’s long‑term investment and continued commitment to ProSiebenSat.1. We will thoroughly assess the increased offer as well as value creation potentials mentioned in the press release of MFE.” He added: “We support the cooperations across the media industry and a pan‑European project, working closely together also with MFE, and look forward to continuing joint discussions.”
MFE estimates that the combination of this deal could generate up to €419 million in incremental EBIT by the fourth year, though upfront costs and investments are projected at up to €145 million. The acceptance period for the revised offer runs through August 13, unless extended under applicable law.
The response to the bid has included opposition from Germany’s culture minister who signaled concern for safeguarding ProSieben’s journalistic and economic independence, warning that “media power is never neutral.” Berlin has invited Berlusconi for discussions, highlighting the political sensitivity of foreign media ownership in Germany.
This escalation is part of MFE’s broader strategy to forge a pan‑European broadcaster capable of better competing with U.S. streaming giants. The bid also comes amid rival interest from PPF, which holds around 15% of ProSiebenSat.1 and has pursued a €7-per-share all-cash offer that ProSieben’s board characterized as “inadequate.”
MFE already owns approximately 30% of ProSiebenSat.1 and continues to signal that this enhanced offer reflects industrial conviction rather than necessity. Following publication of the formal amendment, ProSieben’s Executive and Supervisory Boards will issue legally required statements assessing the revised proposal.
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