Mfe and Vivendi: signs of a thaw ten years after their split

Meanwhile, Mfe is no longer the company that Vivendi tried to stop in courts across half the continent. The project envisaged by Pier Silvio Berlusconi has become a reality. Following Italy and Spain, the group has strengthened its presence in Portugal by acquiring a 33 per cent stake in Impresa and, above all, in Germany with Prosiebensat, building a TV and advertising platform that is increasingly focused on the continental market. At the end of 2025, it reported consolidated revenues of 4.031 billion (+37 per cent), with net profit more than doubling to 301 million. MFE’s geographical footprint, therefore, is one that – viewed from Paris – could also prove attractive to the French group, which boasts assets such as Canal+ and Havas. On the other hand, MFE still has one missing piece: France, where the Bolloré group retains significant influence.

To understand why the resumption of talks is significant, we need to go back ten years. It was 2016 when Vivendi and Mediaset announced a partnership destined to alter the balance of power in European television. At the heart of the deal was the French company’s acquisition of the (now defunct) Mediaset Premium. A few months later, however, Vivendi made a sensational U-turn. From there, an all-out war ensued. Mediaset and Fininvest accused the French of breaching the agreements. Vivendi responded by acquiring almost 29 per cent of Mediaset’s share capital. This sparked lawsuits worth billions, complaints, interventions by AGCOM, battles over the Gasparri Law and a long series of appeals in Italia, Spain, the Netherlands and before the European institutions.

For years, every attempt at mediation failed. The turning point came only in May 2021 when the parties reached a comprehensive agreement. An end to the legal proceedings, a ceasefire and a commitment from Vivendi to gradually reduce its stake. That agreement on the divestment of the stake (with a right of first refusal for Fininvest) ultimately came to nothing and expired in July.

Outcome: As mentioned, Vivendi still holds a significant stake in MFE. This stake has, in the meantime, guaranteed dividends to the French investors who have become silent shareholders. However, it also remains a significant fixed asset. What to do with it is one of the questions looming in the background of the thaw. A complete sale would be possible, but if Yannick Bolloré’s aim is to rebuild a relationship with Fininvest, it is unlikely that Paris would be indifferent to the identity of any potential buyer of a stake of that size. Selling to a party perceived as hostile by the Berlusconi family would risk reigniting the conflict. More realistically, if Vivendi were to decide to reduce its stake, one might consider (at least initially) selling off smaller blocks of shares.

From Paris, when asked about the future of the stake, they offer a flat “no comment”. The focus, for now, is elsewhere: rebuilding a relationship. There have not yet been any high-level meetings between Pier Silvio Berlusconi and Yannick Bolloré. None of the key players are going so far as to envisage any imminent developments. But after ten years of mistrust, the mere fact that the two worlds have started reaching out to one another again is already a new development. And in big business, things often take shape in precisely this way.