ProSiebenSat.1 Media’s shareholders have recently voted against a proposal to divide the company. The motion, put forward by minority shareholders MediaForEurope (MFE) and PFF IM, suggested separating the core broadcasting and content business from its Commerce & Ventures and Dating & Video segments. However, during the annual general meeting, the majority of shareholders supported the management’s decision to keep the business intact and focus on its Entertainment operation, specifically centered around the streaming service Joyn.
In addition to rejecting the business split plan, shareholders also did not provide the necessary 75% support for a proposed change in the company’s capital structure. Despite this outcome, an MFE spokesperson expressed contentment with the level of support their proposals received, noting that a “large majority” of shareholders were in favor. Even though the motion for the spin-off valuation was not formally approved, over 70% of shareholders reportedly voted in favor of it.
MediaForEurope and PFF were successful in introducing new members to the ProSieben board. Christoph Mainusch, a former RTL and PFF-owned CME executive, was appointed to the board, as was former Italian Citibank investment banker Leopoldo Attolico and former EY auditor Simone Scettri. Additionally, Klára Brachtlová, a senior CME executive, and Katharine Behrends from MFE’s German-speaking Europe sector were confirmed as members of the supervisory board.
A proposal to restructure around Joyn was rejected by MFE, as it would have placed the streaming service directly under the ProSiebenSat.1 Media parent company, above Seven.One Entertainment. This plan would have shifted networks and other platforms under Joyn’s umbrella. The MFE spokesperson emphasized the importance of the new management and board composition working diligently to enhance the company’s value for the shareholders’ benefit. ProSieben’s CEO Bert Habets reiterated the company’s clear strategy, which focuses on entertainment expertise, the centering of Joyn, partnership potential, and the exploration of new monetization avenues.
ProSiebenSat.1 Media’s recent shareholders’ meeting showcased a division in perspectives regarding the future direction of the company. While the rejection of the business split plan and the failed capital structure change point to a desire for continuity, the addition of new board members signals potential shifts in leadership and decision-making processes. The company will need to navigate these differing viewpoints to chart a course that maximizes shareholder value and capitalizes on emerging opportunities in the media landscape.