MFE-Mediaset CEO Giordani reassures: no tension with Prosieben
In a recent statement, Marco Giordani, the CFO of MFE-Mediaset, has dismissed any notion of a war with ProsiebenSat.1, instead emphasizing a desire for collaboration. Giordani stated, “We only want to provide the company, in which we are proudly the largest shareholders, with our experience and know-how.” These comments come amidst rumors of conflict leading up to the upcoming shareholders’ meeting of the German group.
Although Prosieben’s statement regarding the board’s opposition to MFE-Mediaset’s proposals and the press statements made by Supervisory Board President Andreas Wiele were firm, Giordani downplayed the situation, stating, “Let’s not exaggerate: it seems to be a normal dialectic between a board and its shareholders in cases like these. Shall we call it a ‘game of parts’? Let’s define it for what it is: the natural cry for independence from management that claims its autonomy.”
Regarding Prosieben management’s claim that MFE-Mediaset’s proposals only benefit itself, Giordani added, “Bringing strategic and rational proposals to the assembly, putting them up for a vote: what could be more democratic and market-friendly than that? We don’t want to impose anything. Rather, we intend to stimulate change because it is evident that the status quo, as Pier Silvio Berlusconi has repeatedly stated, does not benefit anyone: the company, the shareholders, or the market.”
Prosieben argues that the spin-off of core and non-core activities would increase the group’s debt, but Giordani disagrees, saying, “Technically, I don’t see how. Besides, we didn’t ask to decide on the spin-off but rather to ask management to evaluate its opportunity.”
“We are pleased to read that Prosiebensat’s top executives finally consider reducing debt a priority because it’s also a concern for us. Something needs to be done quickly. It’s evident to everyone that the current results are not satisfying the market. A change of pace is needed. Just the fact that the company is discussing it is positive. It will be a stimulus for change, which is always better than the status quo. But it should be done without preconceptions or confrontational positions. On the contrary, now is the time for closer collaboration for the benefit of all, managers, and shareholders,” concluded Giordani.
Overall, Giordani’s statements convey a message of cooperation and a desire to work together with Prosieben. Despite initial tensions, both parties seem to acknowledge the need for change and a reduction in debt, which could lead to a more positive outcome for the company and its shareholders.