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The television empire founded by Silvio Berlusconi is set to launch a takeover bid for the German broadcaster ProSiebenSat.1 as part of a long-standing drive to build a pan-European media empire. 

MediaForEurope (MFE), which is majority owned by the family of the late Italian prime minister and is ProSieben’s largest shareholder, is poised to make an offer to acquire the German entertainment network as soon as Wednesday, according to people familiar with the matter.

The Italian media group’s board is set to formally meet on Wednesday and no final decisions have been made, the people cautioned. 

MFE already holds more than 29 per cent of ProSieben, which broadcasts in Germany, Austria and Switzerland and hosts shows such as Germany’s Next Topmodel.

An increase of the company’s stake past the 30 per cent level would trigger a requirement for MFE to make an offer to buy out the remaining shareholders in the company. 

If accepted by the other shareholders, the move would give MFE — which also owns channels in Italy and Spain — a foothold in the large German-speaking market and would realise a long-held ambition for chief executive Pier Silvio Berlusconi, the son of the late former Italian prime minister who founded the company.

ProSieben has announced the disposal of two assets beyond its core entertainment business — the price comparison site Verivox and a stake in the wellness platform Urban Sports Club — over the past week, a step that MFE had long pushed for even as it denied it was gearing up for a takeover bid. The move is set to come ahead of ProSieben’s annual general meeting on May 28, when board chair Andreas Wiele will step down. 

In November, MFE stepped up its campaign against ProSieben after a previous boardroom battle last year when it led a campaign to appoint new directors and exploring spinning off non-core assets.

ProSieben currently trades at a market capitalisation of about €1.5bn. The Berlusconi family’s media group has long eyed ProSieben, weighing a takeover as far back as 2006 when a bid would have been closer to €5bn.

Other media outlets previously reported on Wednesday about MFE’s plans. ProSieben and MFE declined to comment.