Silvio Berlusconi left control of his media empire to his two eldest children, Marina and Pier Silvio, according to his will.
Marina and Pier Silvio, the two children from his first marriage, will share joint control of the Finivest media empire through a joint 53% stake in Fininvest. They previously held 7.65%. Marina has chaired Fininvest since 2005. Pier Silvio is MFE’s Chief Executive.
Berlusconi’s children from his second marriage, Luigi, Eleonora and Barbara, will control the remaining 47% of Fininvest between them. They previously owned 21.42%.
Fininvest owns a 49% stake in MFE, Media for Europe, which controls Italy’s largest commercial broadcaster Mediaset as well as channels including Canale 5, Italia 1 and Cartoonito, three Italian radio stations and five TV channels in Spain. MFE also owns a 26.58% stake in ProSiebenSat 1, the German TV broadcaster. Other Fininvest assets include Mondadori, Italy’s largest book and magazine publisher.
Fininvest stressed in a statement that no single child of Berlusconi exercised full control over the company.
In the statement Fininvest said: “Marina Berlusconi, Chairman of the BoD, and Pier Silvio Berlusconi, Barbara Berlusconi and Luigi Berlusconi, directors, having received the reading of the testamentary wills of their father Silvio Berlusconi, inform that they show that no person will hold indirect sole control over Fininvest SpA, previously exercised by the father himself.”
The three-time former Italian premier and media mogul died June 12 at the age of 86 after being hospitalised for treatment of chronic leukemia. His will was read out in the presence of his five children and other witnesses on Tuesday.