ProSieben says MFE turned down offer of supervisory board seat

BERLIN - German broadcaster ProSiebenSat.1 said that Italian shareholder MediaForEurope (MFE) has rejected an offer of one seat on its supervisory board.

MFE has repeatedly called for closer cooperation with the Munich-based group, in which it has a voting stake of more than 25%, as well as asking it to engage in talks over strategy, focusing on its core TV business.

Controlled by the family of Italy's former Prime Minister Silvio Berlusconi, MFE sees building a continental TV champion as the answer to challenges posed to traditional broadcasters by streaming giants and online advertising platforms.

MFE declined to comment.