Mfe Advertising is expanding rapidly in Europe: “We sell to 580 million citizens”

The news lies not so much in the Italian advertising market – which remains flat – as in the shift in scale. Mfe Advertising is attempting to shift its focus from national advertising sales to pan-European sales, transforming the agency into a platform capable of delivering campaigns across 24 countries. “In 2021 we had five countries plus Mediaset España; now we have 24,” says Stefano Sala, CEO of Mfe Advertising. “It’s something we’ve built up over time; we’ve really stepped up the pace over the last two to three years.”

This is the scope within which Mfe intends to compete in the European advertising market: 6 countries where it owns the networks and 18 under licence, with coverage which, in Sala’s words, ‘reaches more than 580 million European citizens’. The manager lays out the figures: “We’re talking about 310 television channels, 775 digital brands, 235 digital audio radio stations, 900 million followers and 580 million citizens”. In other words: if an investor wants to plan campaigns outside their domestic market, MFE is positioning itself as a one-stop shop. “If someone comes to us and says, ‘I want to plan a campaign across the whole of Europe’, we’ll put 580 million European citizens right there in front of them.”

Mfe’s leap in scale is evident from the figures: pro forma revenue of €6.7 billion, compared with €2.8 billion in 2025 (before the deal with Prosiebensat was finalised). And, speaking of advertising, this leap is also driven by international agreements. The most significant is the one with PPF, the Czech group which is already a shareholder in the Bavarian subsidiary. The agreement covers the Czech Republic, Romania, Bulgaria, Slovakia, Croatia, Moldova and Slovenia. “It’s starting now,” adds Sala. Added to this is “an important agreement covering all Turkish television channels”, which further expands the reach.

The model is simple, yet ambitious: each dealership continues to sell in its own country; Mfe handles sales across the rest of Europe. “We represent television channels, all radio stations, all digital out-of-home media, and all digital brands: we sell them throughout Europe, with the exception of their home country,” explains Sala. “Are you a UK client? The UK client buys UK TV advertising in the UK, but buys advertising in the other 23 countries from us.” In the countries where Mfe has a presence, the budget goes towards local revenue; in the others, Mfe collects commissions.

On the Italian market, however, the tone is more cautious. After 2025 ended more or less on a level footing, 2026 is suffering from a comparison with events that had boosted revenue last year. “In Italia, the year will end on a flat note,” explains Sala. Television remains under pressure, despite Upa estimates indicating overall market growth of 1.3 per cent. Radio is outperforming the market, whilst digital is seeing double-digit growth. And connected TV is becoming one of the key drivers: “Our business will continue to grow,” says Sala, attributing the growth to connected TV, digital and international ad sales.