Berlusconi's son reaches for ProSiebenSat.1: Deal sparks debate

For independent media, this name still raises alarm bells: Berlusconi! A good two years ago, the TV godfather, politician, and scandal-ridden Silvio Berlusconi (86), who had subjugated the Italian television world and massively promoted right-wing populism, died.

After winning a bidding war, his son Pier Silvio Berlusconi (56) is now preparing to take over the German media group ProSiebenSat.1 with his Milan-based media holding company. Here are the most important questions and answers about the spectacular media deal.

The Italian entrepreneur already owns a good 30 percent of the German group through his holding company MFE (Media For Europe, which emerged from his father's Mediaset) – and wants more. In a months-long bidding war, MFE beat out its Czech rival, the financial investor PPF (which owns a good 15 percent of ProSieben).

He is currently offering ProSieben shareholders 1.3 percent of MFE shares plus €4.48 per share. This equates to €8.62. PPF was undervalued at €7 – and took a dig at MFE, saying the stock had been "relatively illiquid" in the past. It is therefore by no means clear that the total calculation will be "fully realizable" at the time of the sale.

Picture from the old days: Silvio Berlusconi (l.) in 2001 at a football match in Milan alongside his son Pier Silvio (r.), who today heads his father's media empire.

Source: imago sportfotodienst

With his embellished offer, Pier Silvio Berlusconi, however, overcame the previous resistance among the executives of Germany's second-largest private television company: Despite residual skepticism, the Executive Board and Supervisory Board of ProSieben had recommended to shareholders before the deadline of August 13 that they accept the improved offer from Italy. The closing of the deal is expected to be announced before the end of August.

Berlusconi is pursuing the vision of a pan-European "global player" on par with US competitors like Netflix, Amazon, and Disney. MFE already dominates the Italian and Spanish markets (and holds about 40 percent of the advertising market in its home country of Italy).

A German market entry with broadcasters such as ProSieben, Sat.1, Kabel Eins, and the streaming provider Joyn (10 million users) fits into this strategy. There are no antitrust hurdles: A possible complete takeover was already examined by the European Commission in 2023 and by the Federal Competition Authority in 2024, when Berlusconi's stake exceeded 25 percent.

Officially has no political ambitions: Pier Silvio Berlusconi at a football match in Monza in 2023.

Source: IMAGO/Marco Canoniero

Pier Silvio Berlusconi, born in 1969 and the second eldest of the five Berlusconi children, presents himself as milder and more liberal than his father. Like his older sister Marina, he is a descendant of Silvio Berlusconi's first marriage to Carla Dall'Oglio. Marina continues to manage the financial holding company Fininvest. Both are said to have close ties to the right-wing conservative Berlusconi party Forza Italia, which the patriarch founded in 1994 and led until his death. Certainly, the man is not his father. But he is a Berlusconi after all. The Berlusconi family is said to still have solid connections to European right-wing populism and the Kremlin.

There is a dark spot in Pier Silvio's past: In 2014, Berlusconi's son was sentenced to 14 years' suspended prison sentence for tax fraud. He had amassed 34 million euros in undeclared money in secret accounts in tax havens by acquiring overpriced film rights.

“One of the best governments in Europe”: Pier Silvio Berlusconi has a lot of praise for the right-wing populist Italian Prime Minister Georgia Meloni.

Source: IMAGO/ZUMA Press

Politically, Pier Silvio (56) has remained secretive for years, consciously distancing himself from his father. He has long denied any political ambitions of his own – but now he sounds less defensive ("My father was 58 when he entered politics. I am 56 now"). Forza Italia – currently the third-largest coalition partner in the government of Prime Minister Georgia Meloni – must remain a "liberal and moderate force." He praised Meloni's government as "one of the best in Europe," and Meloni himself possessed "competence and determination."

A powerful Italian media mogul on the German market? The non-partisan Minister of State for Culture, Wolfram Weimer (himself a former media manager), plans to invite Berlusconi to the Chancellery for talks. "My concern revolves around the question of whether journalistic and economic independence will be maintained even after a change of ownership," he told Der Spiegel.

Unlike in many other countries, the participation of foreign investors in media companies in Germany is not restricted by laws or regulations. "If a foreign investor were to take over and control such an important institution for opinion-forming in Germany, then we should take a close look," Weimer said. "That will be the subject of my discussion with Mr. Berlusconi." And: If ProSiebenSat.1 were to become part of a European platform, it should "be headquartered in Germany and be subject to German law." However, that is likely to remain wishful thinking.

Concerned about the political independence of the ProSiebenSat.1 Group: Minister of State for Culture Wolfram Weimer (independent) wants to ask Pier Silvio Berlusconi for a meeting.

Source: IMAGO/IPON

After all, Pier Silvio Berlusconi has made a statement declaring his commitment to editorial independence: "In the countries where MFE already operates—Italy and Spain—the company has always guaranteed the respect of fundamental values: business ethics, pluralism, freedom of information, and job security. And this will continue to be the case—always and everywhere." How much this commitment is worth remains to be seen.

The publicly listed broadcaster group is heavily indebted and has announced declining operating profits three times in a row. Only in 2024 did it rise slightly again, to €3.918 billion. "We did a few things wrong," said P7S1 Chief Content Officer Henrik Pabst at an advertising show in Hamburg in July. The company is struggling with declines in the advertising market and high investments in competition with Netflix and other streaming services. Currently, nearly 500 of the remaining 7,000 jobs are being cut, and further layoffs are expected.

Under massive economic pressure: ProSiebenSat.1 recorded a decline in revenue in the last financial year, CEO Bert Habets announced in March.

Source: IMAGO/epd

A much-heralded information offensive, featuring hired figures like former "Tagesschau" anchor Linda Zervakis, fizzled out without making much of an impression. The segment of in-house fiction productions remained almost completely dormant for a long time. Now, age-old Sat.1 titles like "Inspector Rex" and "The Last Bull" are being revived. Pro7 is once again focusing more on sports, but no longer on Bundesliga soccer ("Ran"), but on tournaments like the controversial FIFA Club World Cup or the U21 European Championship for men – as well as handball and basketball.

From the audience's perspective, this is certainly the crux of the deal. Is it conceivable that the two ProSieben figureheads Joko Winterscheidt and Klaas Heufer-Umlauf, who, beyond all humor, have recently distinguished themselves with highly politically charged reports on refugee issues, human rights, sea rescue, and right-wing extremism, will remain on board under the Berlusconi family's direction?

Do they also work under a CEO named Berlusconi? ProSieben figureheads Joko Winterscheidt (left) and Klaas Heufer-Umlauf.

Source: Daniel Karmann/dpa

ProSieben hastily denied a report by "Wirtschaftswoche" that the duo had an exit clause in the event of Berlusconi taking over their home channel. "Viewers can be sure: Joko and Klaas will host many, and above all, outstanding shows on Joyn and ProSieben in the coming years," the station reported. The duo's management was more reserved, stating that they do not disclose the terms of their contracts as a matter of principle.

Joko and Klaas had just extended their exclusive contract with ProSieben for five years in March. The bidding war for ProSieben was already in full swing. Wirtschaftswoche claims to have learned from "ProSiebenSat.1 management" that they even have "understanding" for an exit clause.

15 minutes of television history: Joko Winterscheidt (l.) and Klaas Heufer-Umlauf drew attention to violence against women in a special broadcast in 2020.

Source: Screenshot/ProSieben/imago/Sven Simon/RND Montage BehrensFuture Image

In particular, the 15 minutes of broadcast time at 8:15 p.m., which the duo manages to "win" from their home station in their game show "Joko and Klaas against ProSieben," are currently subject to no restrictions. The station has so far publicly assured that both enjoy maximum freedom.

Whether this will remain the case under Pier Silvio Berlusconi's leadership remains to be seen. However, in the interests of maintaining a positive image, it would be foolish for the Italian to rein in the two flagships of "his" new broadcasting family. Conversely, it's questionable whether Joko & Klaas truly want to work for a "Berlusconi broadcaster."