EXCLUSIVE: French sales and production company Totem Films has boarded international sales on Somalia-set drama The Village Next To Paradise by Mo Harawe.
27.03.2024 - 12:09 / deadline.com
A Succession-style boardroom battle is playing out in Europe.
Germany’s ProSiebenSat.1 Media has rejected a set of proposals from lead shareholder MediaForEurope (MFE) to restructure the European media giant.
The Berlusconi-family controlled MFE (formerly Mediaset) submitted a series of motions ahead of ProSieben’s annual general meeting on April 30, which included splitting up the business and changing its capital structure.
ProSieben released a statement today rejecting the proposals, saying they are “not in the best interests of all shareholders.”
MFE is already ProSieben’s largest shareholder, owning just less than the 30% that would trigger an automatic takeover offer under German business law.
Rumors have been swirling that the Italian company is seeking to quietly take control of the ProSieben board and de facto ownership of the business at a lower cost. MFE hadn’t responded to a request for comment by press time.
During a bruising 2023 that saw revenues collapse and profits fall at European networks and media companies, ProSieben changed strategy and placed entertainment at the center of the operation.
MFE earlier this month said it supported that strategy, but wanted to see new board members of its choice added, along with a spin-off of the Dating & Video and Commerce & Ventures operations. MFE had claimed there was “no material progress” made on the restructure.
However, ProSieben today countered, saying a split up was in the “unique interests of MFE,” but “not in the best interests of all shareholders.” Should spin-offs occur, the ProSieben exec and supervisory boards predicted other units such as SevenVentures would also have to be separated “resulting in a direct destruction of value.” They claimed net
EXCLUSIVE: French sales and production company Totem Films has boarded international sales on Somalia-set drama The Village Next To Paradise by Mo Harawe.
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