The review, launched in December, can be closed given assurances from MFE that ProSieben's Austrian branch would retain editorial independence, among other conditions, the BWB regulator said in a statement.

MFE has a direct stake of 26.6% in the German peer and in November it told the Austrian regulator of plans to hold a further 2.29% stake it currently owns via derivatives directly, in a move which would give MFE de facto sole control of Prosieben.

The regulator had concerns that MFE's plan to increase its direct stake in ProSieben could affect media diversity in Austria, where the German-based broadcaster also operates.

The notification was required because MFE would be in a position to control a majority of voting rights at ProSieben shareholder meetings, where turnout has been ranging between 53%-56%, sources close to the matter had previously said.

MFE, the commercial broadcaster controlled by Italy's Berlusconi family, first invested in ProSieben in 2019, becoming the German group top investor.

(Writing by Rachel More and Elvira Pollina,; Editing by Madeline Chambers)