MFE-MediaforEurope, the TV group controlled by Italy’s Berlusconi family, has secured the support of banks for a 3.4 billion euro ($3.6 billion) loan to be ready to advance its crossborder expansion plans, its chief executive said.
MFE which owns commercial TV operations in Italy and Spain, has built a near 30% stake in German peer ProSiebenSat.1 as part of plans to create a pan-European advertising-funded broadcaster.
It sees that strategy as the response to the increasing dominance of U.S. streaming giants such as Netflix, and the flight of advertising budgets to the likes of Facebook and Google.
Holding a press briefing at the company’s headquarters near Milan late on Wednesday, CEO Pier Silvio Berlusconi said MFE wanted to be ready to jump at opportunities.
“We want to be ready to assess what, if anything, could be the right thing to do in Germany, but also for any other opportunities,” he said.
MFE’s holding in ProSieben is just below the threshold that triggers a mandatory takeover under German laws.
“We are following the situation in Germany, which is very complex, given the weakness of the economy and the political crisis,” he said.
Germany is holding early elections in February, and MFE is unlikely to make any moves before that, according to a person with knowledge of the matter.
“Let’s hope 2025 is they year in which our international strategy can shift up a gear,” Berlusconi added.
Since MFE first invested in ProSieben in 2019, the Bavaria-based group has resisted MFE’s calls to join its pan-European project, striving to remain independent.
MFE has been urging ProSieben to speed up its turnaround and press ahead with planned sales of non-core online assets, a move which could make it easier for MFE to proceed with a bid for a streamlined group.
Berlusconi said he was satisfied with the “outstanding performance” of MFE’s advertising sales this year, which was capped by a “positive final quarter, despite a challenging comparison with 2023.”
The heir of late Italian Prime Minister Silvio Berlusconi, who founded the Forza Italia party which is currently part of Prime Minister Giorgia Meloni’s conservative government, confirmed he had no plan to play an active role in politics.
“I want to continue with my job, we are at a crucial juncture for the company,” he said.
