Italian commercial TV operator Mediaset has acquired a 9.6% stake in the German broadcaster ProSiebenSat.1 Media.
The stake corresponds to up to 9.9% of ProSiebenSat.1’s voting rights, excluding treasury stocks, and the deal was described by Mediaset CEO Pier Silvio Berlusconi as a “friendly acquisition” that puts Mediaset on a more international footing.
Reuters reported that the investment was made for €330 million. Terms of the deal were not detailed in Mediaset’s announcement.
“The rapid process of globalisation that is determining the international scenario is such that European media companies like us need to join forces if we are to continue to compete,” said Berlusconi in a statement.
“It is in this spirit of collaboration and shared vision that Mediaset, the leader in Italy and Spain, has decided to invest in ProSiebenSat.1. An investment that, we are sure, will create tangible value for both groups.”
In a separate statement, Max Conze, CEO of ProSiebenSat.1 Media, said: “We welcome Gruppo Mediaset’s investment and see this as a vote of confidence in our strategy and the team.”