MFE-MediaForEurope has passed the 25% ownership threshold in ProSiebenSat.1.
The company, controlled by former Italian Prime Minister Silvio Berlusconi, was already the largest shareholder in the German broadcaster.
Insiders spoken to by Bloomberg said the intention was to gradually build its stake before seeking full control.
The move came as it emerged MFE was also looking to acquire the 40% of Mediaset Espana that it doesn’t already own. No final decision has been made as to whether MFE would go ahead. Doing so would open the possibility of a merger between the Italian, Spanish and German interests to create a European supergroup with savings in both production and transmission.
A decision could come as soon as Tuesday following a meeting of MFE’s Board of Directors.
However, a previous attempt to delist the Spanish group was prevented by a court ruling.
Last year Mediaset reached an agreement with Vivendi in a bitter 5-year dispute over the French company Vivendi before reconstituting as MediaForEurope and moving its operations to Amsterdam.