MediaForEurope (MFE), the Netherlands-based holding company formerly known as Mediaset, is to go ahead with the merger of its Italian and Spanish operations.
Following last year’s tender offer for Mediaset España shares, which resulted in MFE securing about 83% of the Spanish broadcaster’s stock, MFE said it would go ahead with its plan to combine its operations through a merger.
MFE has now offered to pay €3.2687 to Mediaset España shareholders who exercise their right of withdrawal from the merger at a shareholder meeting to be held, most likely in March.
MFE said its board and that of Mediaset España Comunicación S.A. had approved the cross-border merger plan of Mediaset España Comunicación into MFE.
MFE has long promoted the concept of trans-frontier consolidation among European media groups. In addition to consolidating the Spanish operation, it has built a position in German broadcaster ProSiebenSat.1 and is now the latter’s largest shareholder.
“The process of developing MFE-MediaForEurope into a pan-European media group is proceeding as planned. The merger approved today, despite recent difficulties posed by the pandemic and the economic crisis generated by the conflict in Ukraine, is a step towards the construction of a European television hub capable of facing international competition with adequate scale and economic solidity,” said MFE CEO Pier Silvio Berlusconi.
On completion of the merger, MFE-MediaForEukrope will have total control of the company’s Spanish and Italian operations, as well as being the main shareholder of the German listed broadcaster ProSieben-Sat1. This is further confirmation of the project for the progressive multi-country consolidation. A new group of national TV companies focused on the production of local content that will also be able to build a large-scale technological and commercial platform at European level.”
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