ProSiebenSat.1, naoo, Alibaba – Different business models but one goal: Profit amid change

ProSiebenSat.1 – In the middle of restructuring, the takeover bid comes

Despite a weak advertising market, the ProSiebenSat.1 Group increased its revenues by 2% to EUR 3.92 billion in 2024. The digital business was the main driver. The streaming platform Joyn saw a significant increase in monthly users (up 44%) and time spent per user (up 36%), while the Commerce & Ventures segment generated revenues in excess of EUR 1 billion for the first time. For 2025, the Company anticipates moderate revenue growth to around EUR 4.0 billion, driven by digital advertising (+5%) and stable commerce revenues. Adjusted EBITDA is expected to remain at around EUR 550 million despite higher programming investments.

MediaForEurope (MFE), ProSiebenSat. 1's largest single shareholder is seeking control with a takeover bid. However, instead of a premium, MFE is only offering the statutory minimum price – expected to be around EUR 5.75 per share – 78% in cash and the rest in MFE shares. The announcement caused the share price to temporarily fall below the bid price, as investors were hoping for higher premiums. Analysts criticize the strategy as a "creeping takeover". MFE had already secured approval for at least 30% of the shares, but antitrust concerns and unclear synergies between the TV networks remain risk factors for shareholders.

ProSiebenSat.1 is consistently streamlining its portfolio. The sale of comparison portal Verivox for EUR 232 million and the stake in Urban Sports Club reduces net debt by over EUR 250 million. At the same time, the Company is acquiring General Atlantic's shares in NuCom and ParshipMeet in order to maintain strategic flexibility. The planned sale of beauty retailer flaconi will further focus the core business of entertainment. The adjustment of the 2025 outlook to EUR 3.85 billion in revenues and an EBITDA of EUR 520 million underscores the cautious growth strategy. Currently, a share costs EUR 5.90.

naoo – Local networking meets digital innovation

The Swiss company naoo AG has positioned itself in the highly competitive market with its social media platform by linking digital interactions with real experiences. At the concept's core is an app that connects users with local businesses through location-based offers, gamification elements such as the "Golden Egg Challenge", and a reward system. AI-powered recommendations increase the relevance of content eightfold, which significantly strengthens user loyalty in the future. With revenue streams from advertising, premium services, and partnerships, naoo relies on diversification – supported by a cloud-based infrastructure that enables international scaling.

With the acquisition of an 87% stake in Kingfluencers, the leading influencer agency in Switzerland, naoo is strategically expanding its ecosystem. The acquisition in exchange for 81,092 naoo shares, which corresponds to around 2% of all outstanding shares, provides access to over 3,000 influencers and customers such as Nestlé and Samsung. The combination of influencers and naoo's interactive social media platform enables geolocalized campaigns, bringing brands closer to their customers through challenges and exclusive offers. Kingfluencers has recently increased its revenues by 30% annually and complements naoo's portfolio with an automated marketing platform. This combination promises higher ROI transparency for advertisers and stronger user retention through personalized experiences. naoo can acquire the outstanding 13% of Kingfluencers at a later date.

In addition to the acquisition, the Company is consistently driving its growth agenda forward. The Android version of the app has been on the market since February 25, opening up new markets. This applies in particular to the planned expansion in Germany, where Android dominates with a 70% market share. With forecast revenues of CHF 10 million in 2025 after the acquisition and increasing profitability through synergies, naoo offers investors an interesting investment opportunity. The technologically agile platform with a scalable model can close the gaps between digital and local commerce. In the long term, the mix of AI, gamification, and influencer marketing could become the blueprint for modern digital commerce. The stock, which is only traded in Düsseldorf, is currently trading at EUR 15.60.

Alibaba – Focuses on artificial intelligence

China's technology sector is currently making remarkable progress in the field of artificial intelligence (AI). One example is a novel approach by the Alibaba subsidiary, Ant Group, which uses domestic AI chips to significantly reduce training costs. This approach relies on the Mixture of Experts method, which divides large-scale tasks into smaller data sets. At the same time, Chinese companies are increasingly gaining momentum as domestic alternatives to US chips are growing in importance. Market observers are already comparing this development to other efficiently trained AI initiatives, such as DeepSeek's R1 model, which enables more cost-effective AI development.

Alibaba is also a major player in the AI scene, as evidenced by its recently expanded partnership with automaker BMW. The partnership aims to integrate Alibaba's large language model, Qwen, into the new generation of BMW vehicles to provide intelligent cockpit functions. In addition, the Company is clearly committed to massive investments in cloud and AI infrastructure and aims to consolidate its market position with this strategy. Even complex AI models such as Qwen2.5-Max have already been successfully implemented in numerous fields of application worldwide.

However, despite these advances, significant challenges remain. Chinese companies continue to face geopolitical restrictions and export controls on advanced semiconductors. At the same time, weak domestic demand in some areas and uncertainties in the real estate sector represent potential obstacles to growth. Since the beginning of the year, the stock has gained a good 75% at its peak. Currently, the value is moving sideways and is currently trading at USD 133.52.

ProSiebenSat.1 shows how a media group seeks stability through portfolio concentration, digitization, and strategic sales, such as Verivox, despite takeover turbulence from MFE. naoo combines AI, gamification, and influencer marketing via Kingfluencers to create a local-digital bridge model and is now expanding into Germany. Alibaba is focusing on technology leadership with partnerships like BMW and investments in AI models like Qwen but is struggling with geopolitical chip restrictions. What they all have in common is that the balance between specialization and agility determines who benefits in the upheaval of the hybrid economy, whether through streaming, local networking, or AI-driven cloud strategies.