BERLIN (Reuters) -ProSiebenSat.1 Chief Executive Rainer Beaujean called on shareholders to support the group’s supervisory board at its annual general meeting on Thursday, as top investor MediaForEurope (MFE) pressed for greater influence.
Previously known as Mediaset and controlled by the family of former Italian Prime Minister Silvio Berlusconi, commercial broadcaster MFE said it has built a stake of more than 25% in ProSieben as part of a European growth strategy and could influence voting in the case of low stakeholder presence.
It has repeatedly called for ProSieben to engage with its drive to consolidate Europe’s broadcasting industry.
Bavaria-based ProSieben has so far resisted, with Beaujean flagging at the AGM the group’s focus on local content to differentiate it from international streaming providers.
“We know very well, for example, that transnational platforms can work – but rarely in the media business,” Beaujean said. “Consolidation seems like an easier way forward, it’s not the right one, as there are no relevant, transnational synergies.”
MFE criticised the supervisory board for a lack of transparency over its decision to reallocate three of its seats at last year’s AGM, but ultimately decided not to challenge the nominees with alternative candidates.
The Italians had also requested individual decisions on whether to endorse the executive and supervisory board members of ProSieben, which the German media group rejected.
Speaking to journalists on Thursday, Beaujean defended ProSieben’s decision to have the vote on the endorsement of the boards take place collectively, and reiterated that the company is strong enough for a future on its own two feet.
“If someone comes up with an idea and can show us that we’re stronger together, we’ll listen to it,” added Beaujean.
(Reporting by Klaus Lauer; Writing by Miranda Murray; Editing by Madeline Chambers and Jan Harvey)
