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Mediaset buys 9.6% stake in ProSiebenSat.1

Mediaset SpA has confirmed it is acquiring a 9.6% stake in German media company ProSiebenSat.1 Media SE for an undisclosed sum.

The transaction will provide Mediaset with up to 9.9% voting rights in ProSiebenSat.1, excluding treasury stocks.

"European media companies like us need to join forces if we are to continue to compete, or even just resist, in terms of our European cultural identity, eventual attacks by the global giants," Mediaset CEO Pier Silvio Berlusconi said.

Mediaset has previously floated the idea of creating a pan-European broadcaster to compete with traditional rivals like Vivendi SA and streaming players such as Netflix Inc.