Television towers

Extra time to try to bring about a merger between Rai Way and Ei Towers

Another fortnight of negotiations between Rai on one side and F2i and Mfe on the other in an attempt to reach an agreement

by Andrea Biondi

2' min read

Translated by AI
Versione italiana

2' min read

Translated by AI
Versione italiana

Another fortnight. The negotiations to reach a possible agreement and bring together Italia’s two leading television tower operators – Rai Way and Ei Towers – are heading into extra time.

The battle over the TV towers has been saved at the eleventh hour, but the finish line remains a long way off. Just as it seemed that the prevailing scenario would be one of a failed agreement and the end of the memorandum, Rai, F2i and Mfe reached a last-minute agreement, shortly before the midnight deadline yesterday, to grant themselves a further fifteen days to continue negotiations on the merger between Rai Way and Ei Towers.

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The approach taken is to renew the memorandum of understanding dated 19 December 2024, as previously extended on 26 September 2025 and subsequently on 31 March 2026. ‘The agreement,’ reads a statement, ‘provides for the extension until 30 June 2026 of the terms set out in the Memorandum, in order to allow for the completion of the planned activities and to continue discussions between the Parties.’

This is not a breakthrough. Nor is it a sign of success. Rather, it appears, at least for the moment, to be a negotiating truce that prevents, at least for now, one of the most significant dossiers in the Italian media infrastructure sector from being shelved.

The situation remains highly fluid, and no one is currently able to predict the final outcome of the negotiations. The postponement highlights two seemingly contradictory factors: on the one hand, the parties’ desire not to break off dialogue; on the other, the persistence of significant differences that have not yet been resolved.

Under discussion is the potential merger between Rai Way, a company 65% owned by Rai and listed on the Milan Stock Exchange, and Ei Towers, in which F2i holds a 60% stake and Mfe a 40% stake, with the aim of creating a national leader in broadcast infrastructure comprising around 4,700 sites and generating over half a billion euros in revenue. A group set to remain listed on the stock exchange, with Rai holding 50.1% of the voting rights and responsibility for day-to-day management.

According to various accounts, F2i is said to have remained the party most determined to press ahead with the deal, which is regarded as strategic from both an industrial and an infrastructure perspective. Finding common ground between Rai and Mfe, however, has proved more complex, with certain sticking points continuing to hamper the negotiations.

On the operational front, however, some progress would have been made. This includes the alignment of Rai and Mediaset’s service contracts to 2037. However, significant differences remain in the financial structures of the two companies, starting with higher debt levels at Ei Towers and service contracts of very different scales, with Rai incurring higher annual expenditure than Mediaset.

The next fortnight will therefore be crucial in determining whether the negotiations can finally reach an agreement, or whether this postponement will merely represent a last chance before the matter is shelved for good.

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