U.S. HISPANIC
Mediaset Spain and Mediaset Italy merge to create the new Mediaforeurope holding
Maribel Ramos-Weiner| 14 de junio de 2019
Mediaset España
Mediaset Italy and Mediaset Spain agreed the merge of both companies to create the new holding Mediaforeurope (MFE), based in Holland and that will be trading on the Italian and Spanish stock exchange, as reported by CNMV (The National Commission of Stock Markets), commented several media outlets.
The new company will be assigned a 9.6% share of ProSiebenSat1, recently acquired by Mediaset Spa. After the merge, the two societies will maintain their operational activity and headquarters in current locations. Taxes will continue to be paid entirely in Italy and Spain. Likewise, production and work posts will continue firmly in each country, ensuring there will be no offshoring, said the company.
“This union opens up possibilities for the development of businesses that are hard to find separately and will likely allow the increase of investments in Italy and Spain,” hoping that with this operation they can save up to 110 million Euro before 2023. “All the expected synergies could grow exponentially with the adhesion of a third or fourth country to the project.”
The operation has the goal of creating a pan-European group in the entertainment sector and communication media, with a leadership position in their reference markets.
They assure that there will be no change in the editorial line of their television contents and multimedia.
The approval of the merge is expected for September, with the possibility of becoming effective in the fourth quarter of 2019. Likewise, the agreement contemplates that each shareholder of Mediaset Spain will receive 2.33 regular MFE stocks for every Mediaset Spain stock.
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Diario de Hoy
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