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Mediaset, TF1 take stake in ProSieben network Studio71
January 12, 2017 / 7:55 AM / a year ago

Mediaset, TF1 take stake in ProSieben network Studio71

FRANKFURT, Jan 12 (Reuters) - Italy’s Mediaset and France’s TF1 will take a stake in ProSieben’s multi-channel network Studio71 via a capital increase that values the unit at 400 million euros ($425 million), ProSieben said on Thursday.

As part of the investment, Mediaset and TF1 will hold 5.5 percent and 6.1 percent, respectively, in Studio71, which has about 6 billion monthly views, the German broadcaster said, adding it would keep a stake of about 70 percent.

Under the deal, ProSieben will take a minority stake in Finder Studios, which was co-founded by TF1, it said, adding it has set up a joint venture with Mediaset to roll out the Studio71 business model in Italy.

“The partnership with TF1 Group and Mediaset gives us access to key European markets where the online video market is just now really picking up momentum and promising significant potential,” Christof Wahl, ProSieben’s chief operating officer, said in a statement. ($1 = 0.9404 euros) (Reporting by Christoph Steitz; Editing by Harro ten Wolde)

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