Mediaset has increased its debt by a third as the Italian media group looks to turn itself into a pan-European player.
In May, Mediaset acquired a 9.6% stake in German broadcaster ProSiebenSat.1.
Its now looking to create a cross-border merger of Mediaset and Mediaset España into a Dutch-registered company Media for Europe.
Mediaset remains the market leader in Italy, both against the core TV channels of RAI and LA 7 and in the multichannel environment.
Debt increased to €1.2 billon compared to €877 million as of December 2018.