3 months ago
Reactions are pouring successful crossed Italy and globally to nan death connected Monday of scandal-tainted media mogul and leader Silvio Berlusconi that marks nan extremity of an Italian era and raises questions astir nan early of his empire which spans from TV, advertising, and sports to existent property and insurance.
Berlusconi, who was 86, died Monday greeting astatine Milan’s San Raffaele infirmary from complications of a lung infection owed to chronic leukemia. At his bedside wherever 4 of his 5 children Eleonora, Barbara, Marina and Pier Silvio and his relative Paolo.
As erstwhile Italian premier curate Matteo Renzi, a governmental rival and leader of Italy’s centrist Italia Viva statement put it: “Silvio Berlusconi made nan history of this country. Many loved him, galore hated him: everyone must admit that his effect connected our governmental life, arsenic good arsenic connected its economic, sports and tv spheres, was unprecedented. Today Italy mourns together pinch his family, his loved ones, his party.”
Meanwhile, nan Milan marketplace wasted nary clip successful reacting to Berlusconi’s passing. Shares successful his rebranded MediaForEurope TV empire, formerly known arsenic Mediaset, jumped by arsenic overmuch arsenic 10% soon aft Berlusconi’s decease was reported, indicating that Milan traders deliberation this could lead to nan institution being sold aliases merged.
Though it’s a spot early to estimate astir nan uncertain early of Berlusconi’s business empire – and nan precocious mogul has not publically fixed indications connected his succession – it’s apt that astatine slightest successful nan contiguous aftermath of his death, Berlusconi’s eldest kid Marina Berlusconi will stay president of nan Berlusconi’s Fininvest holding company, which has revenues of much than €5 cardinal ($5.3 billion) and much than 20,0000 employees. While Pier Silvio Berlusconi, his oldest child, will proceed to tally MediaForEurope arsenic its CEO. That leaves nan different 3 children without a guidance role, contempt nan truth that each of Berlusconi’s progeny reportedly person astir nan aforesaid ownership liking successful his empire.
According to Italian analysts location are respective Fininvest waste scenarios that could return spot successful coming months. One of these is to person a backstage equity money and/or different partners – 1 of which could beryllium France’s Vivendi which is already a stakeholder – participate nan Fininvest shareholding building and bargain retired nan family members who want to leave.
This script could besides impact a apical guidance shakeup pinch nan Berlusconi family still retaining ownership control.
MediaForEurope successful April reported a crisp nett profit driblet of €216.9 cardinal ($233 million), down from €374.1 cardinal ($402 million) successful 2021, owed to Italy’s stagnating advertizing market, but still representing a 14% summation connected nan pre-Covid twelvemonth 2019.
MFE, which is going done restructuring and consolidation of its Italian and Spanish units, makes nan bulk of its money by trading advertizing abstraction connected its free-to-air channels specified arsenic Italy”s Canale 5. In nan existent scenery it’s facing overmuch stiffer title than during its glory days from online giants and streaming work platforms. Responding to nan situation from streaming giants, Pier Silvio Berlusconi has been seeking to create a pan-European group (as reflected successful nan company’s rebranding) and has built a liking of much than 25% successful German media elephantine ProSiebenSat.1 which precocious allowed him to get a spot connected nan rival group’s supervisory board. But it’s an uphill battle, and moreover if he were capable to propulsion disconnected a merger pinch ProSieben – pinch which MFE synergies are dubious – nan caller group would still deficiency standard compared pinch U.S. conglomerates for illustration Comcast and Paramount Global.
