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ProSiebenSat.1 Calls MFE Takeover Bid “Inadequate From A Financial Perspective”
ProSiebenSat.1 Media's board has advised shareholders to reject the takeover bid launched by the Berlusconi family's MediaForEurope.
However, the boards said they “welcome MFE’s intention to support the execution of ProSiebenSat.1’s strategy, which is to build a digital-first entertainment company centered around streamer Joyn. MFE and PPF, which has made a separate offer to increase its shareholding from 15% to 29.99%, had previously agitated for change, claiming progress had been slow and that the business should ditch its non-core assets. ProSieben is indeed now selling various businesses as it hones in on digital transformation and cuts costs, including shedding jobs.
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