After a narrow vote by shareholders of ProSiebenSat.1 Media, a plan to split the business was ultimately rejected. The proposal to separate the core broadcasting and content business from its Commerce & Ventures and Dating & Video segments put forward by majority minority shareholders MediaForEurope (MFE) and PFF IM was not supported at the company’s annual general meeting.
Shareholders at the meeting showed their support for management’s plan to keep the business together and focus on the Entertainment operation, particularly centered around the streamer Joyn. The proposed change in capital structure also did not receive the necessary 75% support from shareholders.
MFE, a major shareholder, expressed their satisfaction with the support received for their proposals, despite the formal rejection of the spin-off valuation motion. The Berlusconi-family controlled MFE had submitted several motions ahead of the meeting, which were initially opposed by ProSieben’s management.
A success for PFF was the addition of Christoph Mainusch to the ProSieben board, a former RTL and PFF-owned CME executive. MFE also managed to add Leopoldo Attolico, Simone Scettri, and Klára Brachtlová to the supervisory board. The company aims to push for immediate action to increase the value of the business under this new board composition.
ProSieben’s group CEO, Bert Habets, emphasized the company’s strategic focus on entertainment expertise. The central position of Joyn in the company’s operations, along with partnerships and new forms of monetization, is key to their future plans. The rejection of a proposal to restructure around Joyn signals a clear direction for the company under the current leadership.
The rejection of the business split proposal by ProSiebenSat.1 Media’s shareholders underscores a commitment to the current business model and strategic direction. The new board composition, with added members from MFE and PFF, will likely lead to increased efforts to enhance shareholder value and drive growth in the entertainment sector. ProSieben’s emphasis on leveraging partnerships and developing new revenue streams through Joyn highlights a proactive approach to staying competitive in the evolving media landscape.