Italian television group Mediaset announced Wednesday, May 29, it has acquired 9.6% of German broadcaster ProSiebenSat.1 as it seeks European expansion to counter the rise of global streaming giants such as Netflix.
Mediaset, which is owned by the family of former Italian prime minister Silvio Berlusconi, will become the largest shareholder in the German channel, which also has a presence in Austria and Switzerland.
“The friendly acquisition of a stake in ProSiebenSat.1 is a long-term choice, aimed at creating value with an increasingly international outlook,” Pier Silvio Berlusconi, the son of Italy’s three-time premier, said in a statement.
“Mediaset is proud to invest in the future of free-to-air European television,” he said, adding that the acquisition confirms the company’s “esteem for the current management” of ProSiebenSat.1.
Full Content: Reuters
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