Silvio Berlusconi has left the keys to his business kingdom to his eldest two children, Marina and Pier Silvio, his will has revealed.
The children are both key executives in the Berlusconi media empire, with Maria Berlusconi the Chairman of family investment vehicle Fininvest and Pier Silvio Berlusconi the CEO of MediaForEurope (MFE), the European broadcasting business that his father founded decades ago.
Together, they will control about 53% of the Fininvest family business. Each will take an equal stake.
Controversial four-time former Italian Prime Minister Silvio Berlusconi passed away on June 12 in Milan, having been in bad health for some time. Following his passing, focus turned to his state funeral and who would take over his sprawling business empire. It is estimated Berlusconi’s assets are worth nearly $7B.
His will was made public today, revealing the business succession plan. According to its terms, Marina and Pier Silvio take about 60% of the assets, with his three younger children taking the other 40%. According to Reuters, Italian law dictates two-thirds of a deceased person’s assets go to their heirs and the other third however they want.
The will also revealed Berlusconi left nearly $110M to his partner, Marta Fascia, and younger brother Paolo Berlusconi. He also left €30M ($32,6M) to Marcello Dell’Utri, a business associate, political ally and close friend who was convicted of mafia collusion in 2014.
Fininvest has today released a statement on behalf of its directors, who include several members of the Berlusconi family, that cites the will. “No shareholder will exercise overall individual indirect control of Fininvest SpA, previously exercised by their father himself,” the statement read.
Berlusconi Senior had gradually stepped back from the day-to-day running of Mediaset over the past few decades and Pier Silvio, was named CEO of MFE (then Mediaset) in 2015. A period of pan-European consolidation and restructure, led by the younger Berlusconi, with the conglomerate renamed MFE this year as it merged with Spanish subsidiary Mediaset Espana.
MFE has a stake of nearly 30% in German heavyweight ProSiebenSat.1 alongside having TV broadcasting, production, podcasting and publishing assets.
MFE shares dipped today after the will was made public, having previously risen when speculation mounted the Berlusconi family may sell. However, Reuters reported Pier Silvio Berlusconi saying this week that a sale has never been considered.