On a plate of the scales are the reforms structural demands from Brussels, on the other hand Reorganization of television and publishing activities from the family Berlusconi. While the eyes of the world are on the war in Ukrainea tricky game of precarious political and economic balances is being played in Parliament economic interests just as important as that of Silvio Berlusconi whose personal fortune is well over seven billion dollars. The last episode is about Rai waythe company of towers Transmission for the Government of Mario Draghi passed a decree authorizing Rai a Yield up to 35% the subsidiary of the television towers. A goose that lays the golden eggs, that has coupons for 318 million euros that have been removed from the listing and that has been enticing for a long time EggTowera competitor owned 60% by the Fund f2i and 40% of MediaForEurope (Mfe), the new name of Mediaset. The whole matter is being monitored byantitrust law and theTelecom Regulatory AuthorityAgcom, meanwhile, back in order with the appointment by Parliament of Massimiliano Capitanio in place of the late Enrico Mandelli. Two authorities with veto rights in relation to the hypothesis of concentration in telecommunications networks and in the media and is therefore particularly important.
Meanwhile, in Cologno Monzese, attempts are being made to accelerate MediaForEurope’s growth project with an operation that is anything but simple. Also because the stock is losing blows thanks to the ongoing war: in six months, the Mfe shares have disappeared from the market. 57 percent. This means that the entire group is only worth a few billion on the market 13 billion of rival and partner vivendi. Certainly not the best scenario for the public exchange offer submitted to Mediaset España cmv, the spanish consob. Also because Mfe, which already owns 55.7% of the Iberian group, has submitted a purchase offer that will be made up of onethird in cash (1.86 euros per group of 4.5 Mediaset España shares) and twothirds in shares of the parent group (4.5 Mfe Category A security). The hypothesis has not generated any particular enthusiasm on the markets: according to several analysts, the Spanish group’s shares would in fact be worth between 8.7 and 8.9 euros, compared to the 5,613 euros per share put on the plate by Mediaset with a Premium of around 12.1% compared to the closing value of Spanish shares on March 11, 2022 (equivalent to 5.005 euros). However, the litmus test will come after CNMV, the Spanish consob, gave the green light to the prospectus and also set the timeline for the Spanish offering.
Until the Iberian verdict, Mfe is also active on the German market. In an interview with the German newspaper Handelsblatt on March 21, the CFO said, Marco Giordani, did not rule out a takeover bid for the television group ProSiebenSat Mediaset already has more than 25 percent of these in its portfolio. “At the moment we don’t have such plans, we’ll see what happens in a year,” explained the manager, specifying that “the media in Europe are under pressure: they manage to attract public attention and they to make money through sales advertising. But this advertising pie has remained about the same size in Europe over the past decade. However, according to experts and even the advertising data, it is quickly being thinned out in favor of the overthetop darlings Facebook and Google. But the turning point could already come in the summer. In fact, ProSiebenSat, a group that closed 2021 with sales of 4.49 billion (+11%) and profit of 442 million (+75%), will have to renew part of the in May supervisory board and the Berlusconi family would like to be able to weigh more. With your own candidates or maybe even their support independent directors to your liking. We can bet that this will be a pivotal moment to decide what to do next.