Analyzing ProSiebenSat.1 Media Shareholders’ Decision to Reject Business Split Plan

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In a recent development, ProSiebenSat.1 Media’s shareholders have voted against a proposal to split up the business. The majority minority shareholders, MediaForEurope (MFE) and PFF IM, had urged management to consider separating the core broadcasting and content business from its Commerce & Ventures and Dating & Video segments. Despite this call for a split, shareholders at the annual general meeting decided to support management’s plan to keep the business intact, with a focus on the Entertainment operation, particularly the streamer Joyn.

The decision at the annual general meeting was a close one, with the split proposal failing to receive the necessary support of 75% of the shareholders. The motion to change the capital structure also did not garner enough backing from the shareholders. However, despite the rejection of these motions, an MFE spokesperson expressed satisfaction with the level of support received for their proposals. They highlighted that more than 70% of the shareholders had voted in favor of the spin-off valuation, even though it was not formally passed.

Following the AGM, there were some notable changes to the board of ProSiebenSat.1 Media. Christoph Mainusch, a former RTL and PFF-owned CME executive, was successfully added to the board by PFF. On the other hand, MFE managed to include Leopoldo Attolico, a former Italian Citibank investment banker, and Simone Scettri, a former EY auditor, on the board. Klára Brachtlová, a senior CME executive, and Katharine Béherends, MFE’s boss in German-speaking Europe, were also confirmed in their supervisory board positions, along with Majorie Kaplan and Rolf Nonnenmacher.

Rejection of Restructuring Proposal

One of the key decisions made at the AGM was the rejection of a proposal to restructure around Joyn, placing the streamer directly under the ProSiebenSat.1 Media parent company. This decision would have elevated Joyn above Seven.One Entertainment and other platforms, but the shareholders decided against this move. The MFE spokesperson emphasized the importance of the new board and management team working together to generate tangible results that enhance the company’s value for the benefit of all shareholders.

In response to the shareholders’ decision, ProSieben group CEO Bert Habets articulated the company’s strategy going forward. He emphasized a focus on entertainment expertise, with Joyn as a central component. The company intends to capitalize on partnerships and explore new forms of monetization to drive growth and profitability. With the recent developments at the AGM, the company is poised to move forward with a clear strategy in place to create value for its shareholders.


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