Italian media giant Mediaset, now known as MediaForEurope, has officially launched a bid to take control of its Spanish affiliate Mediaset Espana.
Bringing Mediaset Espana into the fold is seen as a stepping stone towards creating a European broadcaster of scale.
The decision to proceed followed a board meeting on Tuesday.
MFE has approached the National Securities Market Commission with its intention to purchase the 44% stake in Mediaset Espana it doesn’t already own. The offer values the company at €780 million.
“The offer represents an important step forward in the creation of a pan-European media and entertainment group,” MFE said in a statement.
On Monday MFE 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.
