A motion by one of the biggest minority stakeholders in German mass media company ProSiebenSat.1 Media SE to split off parts of the company has been rejected by the shareholders, it said on Wednesday.
The motion by MediaForEurope NV (MFE) was to split the company's commerce and ventures, and dating and video segments.
MFE, Italy's media and communications company owned by the Berlusconi family, possesses a nearly 30% stake in ProSiebenSat.1 Media.
Additionally, the shareholders approved a dividend of €0.05 ($0.053) per share for financial year 2023. The dividend will be paid out on May 6, 2024.
Further, MFE rejected the proposal of the supervisory board and executive board for a reorganization of Joyn, streaming platform owned by ProSiebenSat.1.
The proposal was to bring Joyn directly subordinate to ProSiebenSat.1 Media SE and become the parent company of Seven.One Entertainment GmbH.
The rejection of MFE's motion now means that for the time being Joyn's losses carried forward cannot be utilized, ProSiebenSat.1 said in a statement.
