Title: ProSiebenSat.1's Supervisory Board Chair Steps Down
Title: ProSiebenSat.1's Supervisory Board Chair Steps Down
In the midst of preparations for his departure, ProSiebenSat.1's Supervisory Board Chairman, Andreas Wiele, announced his intention to part ways with the German broadcasting giant. According to an announcement, Wiele, a former manager at Axel Springer, will relinquish his position at the annual general meeting on May 28, 2025.
Wiele cited shifting shareholder dynamics as his reasoning, revealing a power struggle with major shareholders MFE and PPF as the underlying cause. He explained that with the new shareholder structure, his independence in protecting the interests of all shareholders became tenuous. Since a majority of supervisory board members either work for MFE or PPF, or have been proposed by one of the two entities, shareholders from Italy and the Czech Republic would hold a dominant position during the annual meeting, amounting to a combined 43%. Reflecting on this situation, Wiele stated that it hindered him from representing and upholding the interests of all shareholders.
As for the re-election question, Wiele suggested a consensus between MFE, PPF, and himself, asserting that they all agreed on his departure for the sake of preserving the company's harmony. Wiele acknowledged he would not be re-elected under these circumstances, stressing that continuing in this role would only lead to destruction.
Verivox Sale Demand
As MFE, an Italian media conglomerate with a 29.99% stake in ProSiebenSat.1, nears the ownership threshold requiring a mandatory offer for the remaining shares, speculation over a potential acquisition offer grows. MFE has pursued international expansion with 3.4 billion euros in financing, prompting calls for a closer relationship with ProSiebenSat.1 by the Italians.
MFE and PPF, another shareholder with under 15%, have repeatedly lobbied for the swift sale of comparison portal Verivox and online cosmetics provider Flaconi. Wiele spoke out against this strategy in interviews, expressing concern that potential buyers would use the shareholder conflict as leverage, weakening the negotiating position of ProSiebenSat.1. He emphasized that such moves did not serve the company's interests or those of all shareholders, ultimately deciding to step away from the conflict. MFE declined to comment on Wiele's statements.
In light of MFE's approach towards acquiring a majority stake in ProSiebenSat.1, discussions about potential acquisitions and mergers have arisen. Wiele, expressing concern, believed that the sale of Verivox and Flaconi could weaken ProSiebenSat.1's negotiating position, as shareholder conflicts might be used as leverage by potential buyers.