ProSiebenSat.1 Shareholders Narrowly Reject Plan To Split Up German TV Giant
deadline.comProSiebenSat.1 Media’s shareholders have narrowly voted to reject a plan that would have seen the business split up. Majority minority shareholders MediaForEurope (MFE) and PFF IM had called for management at the German TV giant to explore a proposal to separate the core broadcasting and content business from its Commerce & Ventures and Dating & Video segments.
However, at the company’s annual general meeting today the motion did not get the required support, with shareholders supporting management’s plan to keep the business together and focus on its Entertainment operation, centered around streamer Joyn.
A plan to change the capital structure also failed to receive the necessary 75% support. Despite, an MFE spokesperson said the Italian company was “pleased” with the support for its proposals, claiming a “large majority” had supported them. “Although the motion on the spin-off valuation was formally not passed, more than 70% of the shareholders voted for it,” they added.
The Berlusconi-family controlled MFE (formerly Mediaset) had submitted a series of motions ahead of the AGM. ProSieben’s management had immediately rejected them, saying they were not in shareholders’ interests.
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