March 23, 2020 / 5:41 PM / 7 days ago

Italy's Mediaset hikes stake in ProSiebenSat.1 to just under 20%

MILAN, March 23 (Reuters) - Italy’s top commercial broadcaster Mediaset has raised its stake in ProSiebenSat.1 to just under 20 percent in a move that could help its plans to create a pan-European TV platform to tackle slow growth and stiffer competition.

In a statement on Monday, Mediaset’s Spanish unit Mediaset Espana said it had secured a further 4.25% stake in ProSiebenSat.1 for around 61 million euros ($65.58 million), raising its share in the German company to 9.75%.

This adds to the 9.6% already owned by Milan-based Mediaset, which is controlled by the family of former Italian Prime Minister Silvio Berlusconi.

The overall stake corresponds to voting rights for 20.1 percent, Mediaset said in a separate statement. ($1 = 0.9302 euros) (Reporting by Elvira Pollina and Agnieszka Flak; editing by Barbara Lewis)

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