Munich/Milan (dpa) – According to Chief Financial Officer Marco Giordani, Silvio Berlusconi’s Media Group for Europe (MFE) has no plans to acquire ProSiebenSat 1 at this time.
“We don’t have such plans at the moment,” Giordani told Handelsblatt. “You’ll see what happens in a year.” At the same time criticized the leadership path of ProSiebenSat.1.
The holding company of the former Italian prime minister is the main shareholder with more than 25 percent and aims to create a European network of broadcasters. Giordani said European media groups can only survive in the long term if they join forces to invest in technology and content. Management must now present a plan on how to meet the challenges. “However, individual operational efforts are rarely seen as creating value during this time.”
Great relationship between Milan and Munich
Rainer Beaujean, CEO of ProSiebenSat.1 relies on local content and advertising and sees little benefit in a pan-European television network. The Munich-based television group also invests in start-ups and advertises them on its stations so that it can sell them later at a profit. As Giordani complained, “It’s not easy for us to understand how you can create long-term value in a conglomerate that consists of television, e-commerce and dating portals,” he told Handelsblatt.
In contrast, the relationship between Milan and Munich is remarkable. “The relationship between MFE and Pro Sieben has been fairly formal so far,” said Giordani. “All relationships have the potential to improve.” To date, MFE has not been represented on the ProSiebenSat.1 Supervisory Board. At the annual general meeting in May, Giordani said, a candidate we “fully support” may be found. Otherwise, you can also set up opposing candidates. “In any case, they will not be representatives of MFE, but independent directors with the appropriate qualifications.”
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