Overview

• MFE now holds over 60% of ProSiebenSat.1’s voting rights after PPF transferred its roughly 15.6–15.7% stake, with market estimates placing the holding near 62–63%.
• The public offer remains open until September 1 and, based on market expectations, could lift MFE’s stake toward the 70–75% range; the bid values shares at a little over €8 via €4.47 in cash plus 1.3 MFE A shares.
• PPF ended its competing €7-per-share partial bid capped at 30% after weak uptake and is exiting ProSieben by tendering into MFE’s offer.
• Financing includes a €3.4 billion credit line, with a near-term cash outlay reported at €335–340 million and total costs up to about €470 million, while ProSieben’s roughly €2.1 billion gross debt may be refinanced with the change of control.
• Competition approvals have been granted, and Bavaria obtained commitments on editorial independence, maintaining a German identity for the network and protecting employment, as governance changes and integration proceed.