The Czech investment group PPF, owner of CME, has increased its stake in the German media company ProSiebenSat.1 Media to 13.1%. This was pointed out by the Reuters agency based on Monday's PPF regulatory announcement.

PPF first had a 9.1% stake in Germany's ProSiebenSat.1, then gradually increased it to 10.1% (March) and 12% (April). The largest shareholder is still MediaForEurope (MFE) of the Italian Berlusconi family with a 29.9% stake. According to German law, a shareholder who controls at least 30% of the shares must make an offer to buy out the shares of other shareholders.

At the end of April, ProSieben published its financial results for 2022. Revenues amounted to 4.16 billion euros, a year-on-year decrease of seven percent. Advertisers in German-speaking countries, worried about economic developments, have cut advertising spending, so that ProSieben's advertising revenues fell by six percent for the year and even by 12 percent in the last quarter of last year.

ProSieben's management wants to focus on the development of the streaming service Joyn, but also plans layoffs and savings.

A general meeting is called for June 30, where PPF will seek representation in the company's supervisory board.