Silvio Berlusconi, Italy's longest-serving post-war prime minister, is lifeless and, as a key participant within the nation's ruling coalition till his passing, there may be a lot debate over what it means for Italian politics.
Yet Mr Berlusconi's profession in politics solely got here after his success in commerce - and much more attention-grabbing is the query of what occurs to his enterprise empire.
Although trophy property equivalent to AC Milan - offloaded to a Chinese purchaser in 2017 - have lengthy since been bought, Mr Berlusconi nonetheless owned a major variety of companies on the time of his passing, the futures of which are actually the topic of a lot hypothesis.
Mr Berlusconi's fundamental holding firm, Fininvest, is chaired by his eldest baby, Marina, 56, whereas its administrators embody Pier Silvio, 54, Marina's brother.
Also on its board are Barbara, 38, and Luigi, 34, Mr Berlusconi's third and fifth kids from his second marriage. Mr Berlusconi's fourth baby, Eleonora, 36, is the one one not on the board.
Fininvest, which employs greater than 20,000 individuals worldwide, reported gross sales of €3.8bn in 2021 and earnings earlier than curiosity and taxation of €373.8m.
A personal firm, it was 61.3% owned by Mr Berlusconi, with Marina and Pier Silvio proudly owning 7.65% every. Barbara, Eleonora and Luigi every personal 7.14% shareholdings. The remaining 2.06% shareholding is owned by Fininvest itself.
An empire up for grabs
No one is aware of, at current, what is going to occur to Mr Berlusconi's stake in Fininvest.
The expectation has been that it could be divided equally between the 5 kids however the Italian media has speculated that Marta Fascina, Mr Berlusconi's accomplice on the time of his loss of life and who he latterly known as his spouse, may have bequeathed a few of his shareholding.
Either means, Marina, a notoriously although negotiator who labored alongside her father for a few years and who has chaired Fininvest since 2005, is predicted to steer the empire and name the photographs following her father's passing.
Fininvest's most useful asset, surprisingly, is just not within the media business through which Mr Berlusconi initially made his fortune however is a 30% stake in Mediolanum, the banking and monetary companies mix. It is presently price €1.83bn.
But the very best identified of Fininvest's property is MFE, Media for Europe, which is listed on the Milan inventory change and which is 48.6% owned by Fininvest.
The basis of Mr Berlusconi's wealth, it was beforehand named Mediaset and was Italy's first and largest industrial broadcaster.
It owns 13 TV channels within the nation, together with Canale 5, Italia 1 and Cartoonito, in addition to three Italian radio stations and 5 TV channels in Spain. With a inventory market valuation of €1.66bn, it additionally owns a 26.58% stake in ProSiebenSat 1, the German TV broadcaster.
That stake, on the present worth, is price €531.6m - placing an implied valuation of simply €1.128billion on all of MFE's different media pursuits in Italy and Spain.
There will naturally be hypothesis as to what occurs to Fininvest's stake in MFE, whose shares initially rose by 10% on information of Mr Berlusconi's loss of life.
That resolution is more likely to be made by Pier Silvio, MFE's chief govt and Marina, who sits on its board.
The huge query for them is whether or not Fininvest ought to retain its stake in MFE or conclude that the enterprise is healthier off, within the face of intensifying competitors, throwing in its lot with one other European broadcaster.
Mr Berlusconi was a believer in toughing it out however his kids could produce other concepts.
Central to the talk over MFE will likely be its second largest shareholder Vivendi, the €8.6bn French media big, whose property embody the video video games writer Gameloft, the movie maker Canal+, the promoting and public relations firm Havas and a shareholding in Universal Music Group.
Vivendi, which owns 23.6% of MFE, first acquired a stake within the previous Mediaset in December 2016 however the pair had been subsequently concerned in authorized disputes that remained unsettled till May 2021. Under the settlement reached then, Vivendi could not elevate its stake in MFE till 2026.
Fininvest's subsequent largest asset is Mondadori, Italy's largest e book and journal writer, through which it owns a 53.3% stake.
At Mondadori's present inventory market valuation of €517.7m, that is price €275.9m. Mondadori has a 24.8% share of Italy's e book publishing market, 21.2% of its instructional publishing market and 24.2% of its journal publishing market.
It can be the third greatest participant within the French journal publishing market and owns Italy's largest chain of bookshops. Chaired by Marina, it loved gross sales of €903m in 2022 and income of €52m, representing its finest monetary efficiency in 15 years.
Other Fininvest property embody the historic Milan theatre Teatro Manzoni, rescued by Mr Berlusconi in 1978 when it was prone to being transformed right into a grocery store and AC Monza, a soccer membership primarily based within the city of Arcore close to the tycoon's villa.
Having languished within the decrease reaches of Italian soccer for many of this century, throughout which it has been plagued with monetary uncertainty, it was acquired by Mr Berlusconi in 2018 when it was within the third tier of Italian soccer. It was promoted to Serie A, the primary tier, for the primary time in its historical past on the finish of the 2021-22 season.
Mystery property property
Apart from Fininvest, Mr Berlusconi owned one other holding firm, Dolcedrago, which contained a lot of his industrial property property. The worth of those is unknowable.
There had been additionally a clutch of residential property property that he owned straight, mainly a lot of villas.
These embody his residence in Arcore and different villas in - amongst different areas - the Mediterranean island of Lampedusa and on Lake Maggiore.
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There was additionally a villa in Rome, as soon as owned by the legendary movie director Franco Zeffirelli, in addition to residences in different playgrounds of the wealthy equivalent to Cannes in France and Antigua within the West indies. Other property included 5 residences and two garages in Milan.
The exact variety of property property Mr Berlusconi owned, although, stays unknown.
There had been additionally different accoutrements of wealth, together with helicopters, speedboats, a mega-yacht and a few movie property, in addition to minority shareholdings in two extra banks - Banca Popolare di Napoli and Banca Popolare di Sondrio - and the sports firm Forza 5.
With Italian media describing Mr Berlusconi's monetary affairs as "poorly accounted", figuring out which property will go to inheritor who could take many months, if not years.
The deterioration of prospects for conventional media property means Mr Berlusconi's whole wealth on the time of his passing could effectively fall in need of the €7bn or in order that has been calculated by the influential enterprise publication Forbes.
But one factor is for certain. His property had been price significantly greater than the taxable worth of €17.7m declared to the Italian parliament in 2021.
Content Source: information.sky.com
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