Silvio Berlusconi Hands Media Empire Control to Oldest Children

Like a real-life version of HBO’s Succession, Silvio Berlusconi, the late Italian media tycoon and former prime minister, has left the bulk of his estate to his five children.

Berlusconi, who died on June 12, has left combined control of his Fininvest SpA family holding company — which has major stakes in Mondadori, Italy’s largest publisher; film producer Medusa Film; and more — to his eldest children Marina Berlusconi and Pier Silvio Berlusconi.

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His oldest heirs will receive an additional 20 percent stake each in Fininvest to take their joint holding to 53 percent. The three younger children also received stakes in Fininvest as Barbara Berlusconi and Luigi Berlusconi continue on as directors of the family holding company.

Fininvest includes controlling stakes in Mediaset, Italy’s biggest commercial broadcaster; Mondari, the country’s biggest publisher; and other communications and entertainment assets.

“Further to the reading of Silvio Berlusconi’s last will and testament, Marina Berlusconi, chairman of the board, Pier Silvio Berlusconi, Barbara Berlusconi and Luigi Berlusconi, directors, inform that no shareholder will exercise overall individual indirect control of Fininvest SpA, previously exercised by their father himself,” Fininvest said in a statement.

The holding company added a notary read out the late Berlusconi’s last will on Thursday.

Ansa, the Italian news service, reported that, besides the extra stakes in Fininvest for the two older children, their late father left the bulk of his business empire estimated at $6 billion in value to his five children, including the three youngest siblings, which includes Elenora Berlusconi.

“I leave the available stock in equal parts to my children Marina and Pier Silvio. I leave all the rest in equal parts to my five children Marina, Pier Silvio, Barbara, Eleonora and Luigi,” Silvio Berlusconi’s will is reported to have stated, according to Ansa.

Before his death, the twice-divorced Berlusconi made a name for himself as one of the richest people in Italy and as the controlling shareholder of Mediaset, the country’s largest media company, which owns three leading private TV channels.

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