Mfe enters Portugal: 32.9% of the Impresa Group acquired

Mfe-Mediaset has acquired a 32.9% stake in Impresa (Sociedade Gestora de Participações Sociais), Portugal's leading multimedia group, publisher of the Sic television networks and digital and print publications, including the weekly Expresso. This was announced after lengthy negotiations in a Biscione note, which specified that the investment does not include a controlling stake.

Mfe is thus expanding its presence on the Iberian Peninsula and in Europe, now operating in six countries: Italy, Spain, Germany, Austria, Switzerland (after the 'conquest' of Prosieben) and, indeed, Portugal. The move by the group led by Pier Silvio Berlusconi 'stems from an industrial logic and collaboration with the Balsemão family, Impresa's historical shareholders, with the aim of developing a long-term common project. The collaboration will start immediately, from advertising sales to the development of the digital platform,' adds the Biscione. Portugal is for Mfe 'a market in line with its vision as a European media company, capable of enhancing local productions and growing through digital platforms and new technologies,' the group concludes. Mediobanca is Impresa's advisor in the agreement with Mfe-Mediaset.

Subject to the approval of Impresa's shareholders, the board of directors of the Portuguese group will approve a capital increase dedicated to Mfe of approximately EUR 17.3 million through the issue of 82,500,000 newly-issued shares at a unit price of EUR 0.21, corresponding to the volume-weighted average price of Impresa's shares in the six months prior to 15 October 2025 (inclusive). The closing of the transaction of Biscione's entry with almost 33% in the Portuguese group, expected to take place within 45-60 days, is subject to the fulfilment of customary conditions precedent, including the authorisation by the Portuguese Securities Market Commission regarding the exemption for Mfe from the obligation to launch a mandatory takeover bid on Impresa's shares, the issuance of waivers by financial institutions and the approval by Impresa's shareholders.

The Investment Agreement also provides for the conclusion of a shareholders' agreement between Mfe and Impreger (the company of the heirs of the founder of Impresa) concerning the future governance of Impresa, in line with the usual governance rights attributed to minority but industrial shareholders. Under the terms of the Investment Agreement, Impreger, led by the Balsemão family, will retain control of Impresa. Mfe expects to finance the transaction using its own financial resources and that it will have no impact on the outlook for the 2025 financial year, as last disclosed to the market on 20 November 2025.

"With this operation Mfe extends its editorial and commercial reach to the entire Iberian Peninsula. In fact, the big advertising investors consider Spain and Portugal as a single basin. And thanks to this new partnership with Impresa and Mediaset España, we will further improve our positioning in the European market," commented Pier Silvio Berlusconi, CEO of Mfe-Mediaforeurope. "Impresa," he emphasised, "is a family business with a long tradition in media. From today we will work together for a new development with entrepreneurial spirit and concreteness. So much so that we will start immediately with operational collaborations: advertising sales and digital platform. Mfe's partnership with Impresa is a further step that consolidates our European project: with Portugal, the number of countries in which the Group operates becomes six