*

Kyriacou elected as Supervisory Board Chairman, backed by

Czech

investment group PPF

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Power struggle between MFE and PPF over ProSieben

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MFE pushes for fast sale of none-core asseets, PPF prefers

strategic patience

(Recasts with Supervisory Board Chairman)

By Klaus Lauer

May 28 (Reuters) - ProSiebenSat.1 Media

elected Maria Kyriacou as chairman of its supervisory board on

Wednesday, backed by Czech investment group PPF, following her

appointment to the board.

The appointment of Kyriacou, a former executive at Paramount

Global ( PARAA ), Disney ( DIS ) and ITV studios comes amid a

power struggle between the company's two largest shareholders,

Italy's MFE-MediaForEurope and Czech investment firm

PPF.

Former supervisory board chair Andreas Wiele, who announced

in January he would not seek re-election, has consistently

criticised MFE's approach and supported ProSieben's strategy to

remain independent.

MFE, which is controlled by Italy's Berlusconi family and

runs commercial TV operations in Italy and Spain, made a lowball

cash and share bid for ProSieben in March as part of a push to

create a pan-European broadcaster.

MFE is considering, among other things, a joint streaming

platform to better compete with U.S. giant Netflix ( NFLX ). It

is also pushing for an accelerated sale of ProSiebenSat.1's

online holdings to reduce the debt burden and generate cash.

PPF, whose 14.94% stake makes it ProSieben's second-biggest

shareholder after MFE with 30.14%, prefers to wait in order to

gain more from holdings such as the cosmetics online retailer

Flaconi or the dating platform Meet Group - "at reasonable

prices", as a PPF representative said.