August 7, 2019 / 7:27 AM / a year ago

ProSieben welcomes Mediaset as shareholder, tight-lipped on next steps

FILE PHOTO: The Mediaset tower is seen in Cologno Monzese neighbourhood Milan, Italy, April 7, 2016. REUTERS/Stefano Rellandini/File Photo

FRANKFURT (Reuters) - German broadcaster ProSiebenSat.1 (PSMGn.DE) said on Wednesday it welcomed Mediaset (MS.MI) as a shareholder, but declined to speculate on where the engagement would lead after the Italian company said it was open to a merger.

“We have very good relations with Mediaset,” ProSieben CEO Max Conze told reporters on a results call.

“We are happy to have Mediaset as an investor and supporter of our strategy,” he added in response to a question, declining to give more information on next steps.

Mediaset has accumulated a 9.6% stake in ProSieben and plans to create a Dutch holding company that could serve as a platform for developing pan-European alliances to stave off the challenge from U.S. streaming rivals led by Netflix.

Reporting by Douglas Busvine, editing by Riham Alkousaa

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