UNTERFÖHRING (dpa-AFX) - The major Italian shareholder of ProSiebenSat.1 and TV group Media for Europe (MFE) has suffered a defeat in the power struggle over the planned split-up of the German TV company. At the same time, the Milan-based company was able to significantly increase its own influence at the shareholders' meeting on Tuesday, for example with regard to the composition of the Supervisory Board.

The MFE motion on the idea of splitting up ProSiebenSat.1 fell just short of the necessary majority. To be successful, it would have required the votes of shareholders representing at least 75 percent of the share capital. A good 70 percent were obtained. In a reaction, MFE demanded "tangible results" from the management in order to increase the value of the company.

As a first step, the shareholders were to decide at the Annual General Meeting whether a demerger should be examined. If this had been given the green light, a vote on the actual separation of the businesses into two listed companies would not take place until next year.

MFE is an Italian TV group controlled by the family of the late former Prime Minister Silvio Berlusconi. The Group, whose ProSiebenSat.1 shares are currently below the 30 percent threshold, wants to separate the core TV business from other parts of the company such as Internet trading. In this way, the focus is to be placed more strongly on TV again. This is also associated with the hope that the ProSiebenSat.1 share will rise again. MFE is the largest shareholder. In the past, there has been repeated speculation about how much influence MFE wants to exert on ProSiebenSat.1.

The idea of a split-up from Milan took the management by surprise. Since then, the Supervisory Board and Executive Board have opposed it. The works council had also made public statements. It was remarkable that the dispute was partly fought out in the open. The relationship between Milan and Unterfohring had already been considered rather cool in previous years. With the new ProSiebenSat.1 CEO Bert Habets, the dialog seemed to have improved. The MFE move brought new unrest.

The bottom line is that MFE has significantly increased its influence on the ProSiebenSat.1 Supervisory Board. Both the Milan-based company and the international investment firm PPF Group, which also holds a large stake in ProSiebenSat.1, each pushed through their personnel proposals for the composition of the Supervisory Board - although the management was against this.

The media group also suffered another setback: According to ProSiebenSat.1 Supervisory Board Chairman Andreas Wiele, MFE voted against a proposal by the Group for an internal reorganization around the entertainment division and the streaming platform Joyn. The proposed resolution was rejected by the shareholders. Wiele said that the reorganization would have made it possible to claim tax loss carryforwards. The rejection meant that potential tax savings in the three-digit million range were denied. Wiele also spoke of losses in the millions with regard to lost interest income.

ProSiebenSat.1 is still dealing with an older problem concerning the voucher business of its subsidiary Jochen Schweizer mydays. Two former members of the ProSiebenSat.1 Executive Board are alleged to have breached their duties in connection with discrepancies in the voucher business, thereby causing damage, as the Supervisory Board announced. Names were not mentioned. Whether claims for damages will be asserted against the individuals is currently still being examined, said Supervisory Board member Rolf Nonnenmacher.

According to the Supervisory Board, it first learned of violations at the subsidiary voucher business Jochen Schweizer mydays in February 2023. Nonnenmacher said of the complex: "There was a cover-up here." It was about regulatory issues. The voucher business is a rather small area at ProSiebenSat.1 and offers gift vouchers for travel, outdoor experiences or restaurants, among other things./rin/DP/he