April 23, 2020 / 4:28 PM / a month ago

Mediaset increases stake in Germany's ProSiebenSat.1 further

FILE PHOTO: The Mediaset tower is seen at in Cologno Monzese, near Milan, Italy, April 8, 2016. REUTERS/Stefano Rellandini

MILAN (Reuters) - Italy’s top commercial broadcaster Mediaset (MS.MI) said on Thursday it had raised its stake in ProSiebenSat.1 (PSMGn.DE) to 24.2% from 20.1% as it presses ahead with its plans to create a pan-European TV champion.

Controlled by the family of former Italian Prime Minister Silvio Berlusconi, Mediaset is pursuing a European growth strategy to resist the advance of U.S. streaming platforms.

The overall stake corresponds to voting rights for 24.9%, Mediaset said in a statement.

Earlier this month, Germany’s anti-trust watchdog cleared the way for Mediaset to raise its stake in ProSiebenSat.1 to up to 25%, allowing it to vote its stake at the German company’s annual general meeting in June.

Mediaset has been building the stake over the last year to push its broader agenda of uniting broadcasters under a Dutch holding company it is setting up.

Reporting by Elvira Pollina;Editing by Elaine Hardcastle

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