Berlusconi leaves control of business empire to two eldest children

According to Reuters, on Thursday, Silvio Berlusconi’s eldest children Marina and Pier Silvio will jointly oversee the business empire established by the former prime minister, as stated in the publicly disclosed terms of his will.

Marina and Pier Silvio Berlusconi, who already hold executive positions in various areas of the company, will jointly hold approximately 53% of the Fininvest family holding.

AC Monza football club and a share in asset manager Banca Mediolanum (BMED.MI) are both owned by Fininvest. Their father established the MFE-MediaForEurope (MFEB.MI) television business, which Pier Silvio, 54, has been overseeing, while Marina, 56, leads Fininvest.

Forbes estimated that the overall Berlusconi family assets, which include luxury properties in Milan, Rome and Sardinia, were worth around $6.8 billion.

He died on June 12 at the age of 86 in Italy. Berlusconi, a four-time prime minister and a polarizing figure in modern Italy, was known for his scandalous sexual and financial scandals. He was a charismatic and bold showman, as well as a media mogul and political leader.

Barbara, Eleonora, and Luigi Berlusconi, his three children from his second marriage, have had a reduced level of participation in the family business. Meanwhile, Marina and Pier Silvio collaborated closely as their father’s health declined.

A statement on behalf of the five children stated, “In the past, their father had exercised control, but now no shareholder will have complete individual indirect control of Fininvest SpA.”

As demonstrated by Reuters, a duplicate of the testament uncovered that Berlusconi settled on his legacy choice on Fininvest in 2006. Concluding his bequest with the handwritten expression “Much appreciation, great affection to all of you, your Father,” he signed off.

Berlusconi Silvio Pier, the CEO of MFE, said that a sale had never been discussed this week. However, there was speculation that the family could sell its stake, which caused the stock to slip on the Milan stock exchange. They made this information public after the exchange.

Equita analysts expressed in a written statement that “the stock’s allure for speculation is diminished, signaling a shift towards maintaining continuity in MFE’s management.”

100 MILLION EUROS FOR ‘SPOUSE’ MARTA

Based on the contents of the will, Berlusconi bequeathed a sum of 100 million euros ($109 million) to both Marta Fascina, his partner during his passing, and his younger sibling Paolo.

In 2014, Marcello Dell’Utri, a longstanding business associate and intimate companion who was found guilty of Mafia collaboration, also received 30 million euros from him.

Dell’Utri, a friend of Berlusconi’s from their days at university in Milan, shared that he was profoundly touched by the contribution, leading tears to fill his eyes.

Berlusconi was not legally wedded to Fascina, who is 33, although on his deathbed he would refer to her as his spouse.

Berlusconi was admitted to Raffaele San Milan’s hospital for treatment on one of the occasions coinciding with January 2022, as revealed in an unsealed envelope.

Berlusconi, who founded a real estate empire based on television, died in Milan. He had recently contracted a lung infection and was suffering from leukemia.