MFE's stake in ProSieben rises above 70% after takeover bid, sources say

MILAN/BERLIN (Reuters) -MFE-MediaForEurope has secured a stake of above 70% in ProSiebenSat.1 following its takeover bid for the German broadcaster, sources close to the matter told Reuters on Wednesday.

The takeover is part of wider push by MFE, controlled by Italy's Berlusconi family, to create a European ad-funded TV platform.

Official results of the offer, which valued ProSieben at about 1.8 billion euros ($2.1 billion) and ended earlier this week, will be published on Thursday.

MFE and ProSieben both declined to comment.

MFE, which runs TV operations in Italy and Spain, sees European expansion as vital to withstand U.S. streaming giants such as Netflix and YouTube, which are grabbing advertising spending and viewers.

With a stake of in excess of 70%, MFE is in a stronger position to advance any plan to integrate ProSieben into its existing operations.

MFE had been gradually building its stake since 2019, reaching a level of nearly 30% before launching a takeover bid earlier this year.($1 = 0.8542 euros)

(Reporting by Elvira PollinaEditing by Keith Weir)