- Reuters
MFE's motion for ProSieben spin off falls just short at AGM
A proposal from ProSiebenSat.1 top investor MFE-MediaForEurope to split off the German media group's e-commerce and online dating ventures from its TV operations narrowly failed to get the required shareholder backing on Tuesday. Some 70.95% of shareholders voted in favour of MFE's proposal, falling short of the 75% threshold required for the motion to pass. "Although the motion on the spin-off valuation was formally not passed, more than 70% of the shareholders voted for it," a spokesperson for MFE said, adding that MFE expects ProSieben management and the supervisory board to get to work immediately to increase the value of the company.
- Reuters
UPDATE 3-MFE drive for ProSieben spin-off falls just short in investor vote
A push by investor MFE-MediaForEurope for German media group ProSiebenSat.1 to spin off its e-commerce and online dating ventures narrowly failed to get the required shareholder backing on Tuesday. MFE, the commercial broadcaster controlled by Italy's Berlusconi family, holds nearly 30% of ProSieben, and wants to build an advertising-funded European broadcast champion to counter the might of U.S. streaming giants. MFE sought to use the outcome of the shareholder vote as further leverage to push for changes at ProSieben.
