PPF Group raises its stake in ProSiebenSat.1 as the German media firm faces decreased revenues and shifts focus towards its streaming service.
Czech investment group PPF has increased its stake in German media company ProSiebenSat.1 to 13.1%, according to a regulatory filing (external link) reported by Reuters on Monday.
PPF initially held a 9.1% stake in ProSiebenSat.1, which was later increased to 10.1% in March and 12% in April. The largest shareholder remains MediaForEurope (MFE), owned by Italy’s Berlusconi family, with a 29.9% stake. Under German law, any shareholder who controls at least 30% of the shares must make a mandatory offer to buy out the shares of other shareholders.
At the end of April, ProSieben announced its financial results for 2022. Revenues totalled €4.16 billion, down 7% on the previous year. Advertisers in German-speaking countries, concerned about economic developments, cut back on advertising spending, resulting in a 6% decline in ProSieben’s advertising revenues for the year as a whole and a 12% decline in the last quarter of the year.
ProSieben’s management plans to focus on the development of its streaming service, Joyn, while implementing layoffs and cost-cutting measures.
A general meeting is scheduled for 30 June at which PPF will seek representation on the company’s supervisory board.