Italy’s biggest commercial broadcaster Mediaset is seeking approval from Germany’s competition authority for its recently increased stake in German rival ProsiebenSat.1, reported Reuters.
Controlled by the family of former Italian Prime Minister Silvio Berlusconi, Mediaset recently raised its holding in ProSiebenSat.1 to just over 20%, as it presses ahead with plans to create a pan-European TV champion to tackle stiff global competition.
Any antitrust approval could give the Italian broadcaster leeway to increase its stake further up to 25% and clear the way for Mediaset to vote at a ProSiebenSat.1 shareholder meeting scheduled in June.
“We are acting in line with German rules and we are informing all the involved authorities,” a spokesman for the Italian broadcaster said.
According to Reuters, ProSiebenSat.1 has shown little enthusiasm for a closer tie-up with Mediaset. But things could change following the departure of former CEO Max Conze and the announcement ProSiebenSat.1 will shift its focus to its core entertainment business.
Full Content: Reuters
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