The Italian company, which is owned by ex-Prime Minister Silvio Berlusconi’s Fininvest, has bought a 9.6% stake in the business. It has paid $380M for the stake.
“The friendly acquisition of a stake in ProSiebenSat.1 is a long-term choice, aimed at creating value with an increasingly international outlook,” said Mediaset CEO Pier Silvio Berlusconi.
The move comes as European broadcasters are pulling together to fend off the growth of international SVOD services such as Netflix and Amazon. Berlusconi added, “If we are to continue to compete, or even just resist, in terms of our European cultural identity, eventual attacks by the global giants.”
In addition to commercial linear networks, ProSiebenSat.1 also owns Red Arrow Studios, which operates production companies including The Circus and The Weekly producer Left/Right and Say Yes To The Dress producer Half Yard Productions.
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