While the European Stock Exchanges experience yet another day of declines, Prosiebensat flies to Frankfurt taking Mediaset and Mediaset España with it. The stock of the German company started trading with a sharp rise and by mid-morning it gained 8,4% to 7,33 euros, registering one of the few positive performances on the Dax30 (-1,68%). In Milan Mediaset, which is the main shareholder of Prosiebensat, rises by 3,49% while in Madrid Mediaset España gains 0,66%.
It was the push for purchases the decision of the supervisory board which initiated a change of strategy by endorsing the farewell of CEO Max Conze and assigning the powers to the former CEO to the CFO Beaujean. Furthermore, Wolfgang Link and Christine Scheffler will join the executive council: the first with responsibility for the Entertainment division, the second as head of human resources. A real turnaround at the top of the company also accompanied by a new strategy. Prosiebensat will return to focus on TV entertainment and local and live formats in collaboration with Red Arrow Studios (of which the sale has been withdrawn) and Studio 71. Further digital expansion is expected which will also include the Joyn streaming platform.
We remind you that Monday 23 March Mediaset has strengthened its stake in Prosiebensat, acquiring 4,25% of the capital, equal to 4,38% of the voting rights, and approaching the moment of truth as regards its aggregation strategies on the German market. To date, the Cologno Monzese company is therefore the first shareholder with 20,1% of the voting rights (excluding treasury shares), between shares held directly and through its Spanish subsidiary.
In detail, it was the German broadcaster who invested an amount of 61 million euros Mediaset España which rose from 5,5% to 9,75% of the capital. The parent company Mediaset already holds 9,6%. Therefore, adding up the shareholding of parent company and subsidiary, we arrive at 19,5% of the capital.
