MFE remains open to further deals after ProSiebenSat.1 takeover, CEO says

By Elvira Pollina

COLOGNO MONZESE, Italy, Nov 11 (Reuters) - MediaForEurope MFEB.MI, the broadcaster controlled by Italy's Berlusconi family, could pursue further deals after its takeover of German peer ProSiebenSat.1 PSMGn.DE, its chief executive said on Wednesday.

Pier Silvio Berlusconi reiterated his view that consolidation is the best way for European free-to-air broadcasters to counter competition from streaming giants, which are drawing away audiences and advertising revenue.

He added that France was the "missing piece" in MFE's strategy, saying that the group, which also operates in Italy and Spain, could be interested in a future tie-up with France's leading broadcasters, TF1 TFFP.PA and M6 MMTP.PA.

In 2022, M6 and TF1 abandoned their own plans to join forces, saying requested remedies to clear antitrust hurdles made the deal irrelevant. MFE later sought to buy M6 before the French broadcaster's owner RTL scrapped the sale.

Berlusconi also left the door open to the acquisition of television assets that could be put up for sale in Europe by Skydance SKYD.N, the media group formed by the merger of Paramount and Skydance which then agreed a deal to combine with Warner Bros Discovery last month.

The executive said MFE's nine-month adjusted operating profit rose to €110 million from a pro forma loss of €23 million a year earlier.

The improvement was mainly driven by the integration of the German broadcaster, with cost savings progressing faster than expected, while advertising markets remained challenging, Berlusconi said.