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Giordani's appointment aimed at speeding up ProSieben's

revamp

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Executive to keep MFE CFO role until company completes

internal

reshuffle

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MFE holds more than 75% after bid

By Bernadette Hogg and Elvira Pollina

Oct 21 (Reuters) - MFE-MediaForEurope has tightened its

grip on German broadcaster ProSiebenSat.1 by appointing Marco

Giordani as chief executive, marking a shift in leadership after

the TV group controlled by Italy's Berlusconi family closed its

takeover bid in September.

A veteran executive in the media sector, Giordani, 63, has

served as chief financial officer at MFE since 2000,

acting as CEO Pier Silvio Berlusconi's right-hand man in

managing the company.

"Marco brings deep operational expertise, strong financial

acumen, a proven track record in leading complex organizations

and will fully focus on ProSiebenSat.1 going forward," Maria

Kyriacou, chairwoman of ProSieben's supervisory board said in a

statement on Tuesday.

Separtely, MFE said Giordani will keep its role at the

Milan-listed company while it will evaluate potential

adjustments to its governance structure.

MFE, which runs TV businesses in Italy and in Spain, had

built its stake in ProSieben since 2019, reaching a level of

nearly 30% before launching a takeover bid earlier this year.

The company now holds over 75% of the Bavaria-based media

group.

The 1.8 billion euro cash-and-share bid was part of MFE's

plan to create a European ad-funded TV group to fend off stiff

competition in the sector from U.S. streaming giant the likes of

Netflix ( NFLX ) and YouTube.

Giordani's appointment is aimed at speeding up ProSieben's

turnaround, shedding e-commerce and online dating ventures to

cut debt, sources familiar with the matter told Reuters.

Giordani will replace Bert Habets, who will step down along with

Chief financial officer Martin Mildner and Chief operating

officer Markus Breitenecker, ProSieben said.

Bob Rajan, formerly of Alvarez & Marsal Private Equity

Performance Improvement, will take over as CFO on an interim

basis.

Breitenecker's role will not be replaced at executive

board level.