Berlusconi leaves control of media empire to his eldest kids

By Giada Zampano

ROME (AA) - Italy’s former premier and media tycoon Silvio Berlusconi left control of his family business empire to his two eldest children, Marina Berlusconi and Pier Silvio Berlusconi, according to excerpts of his will published on Thursday by Italian media.

Berlusconi died on June 12 from complications linked to chronic leukemia. He was one of Italy's richest and most powerful men, with businesses including real estate, television, books, and sport.

His eldest children have been covering top executive roles in the family’s business since the early 1990s. According to the will, they will hold equal stakes in the Fininvest family holding, controlling jointly about 53% of it.

Marina chairs Fininvest, while Pier Silvio heads the family TV company MediaForEurope, which has long been known as Mediaset.

The former premier had never indicated openly who would have led his business empire after his death. The much-awaited will shows that the company shares will not be divided in an equal way among his five children.

Marina and Pier Silvio clarified in a statement that "no shareholder will exercise overall individual indirect control of Fininvest."

But Barbara, Eleonora and Luigi Berlusconi, the three children born from Berlusconi’s second marriage, would not have central roles in the family empire.

Berlusconi’s will, published on Thursday by several Italian media outlets, included a hand-written note ending with the words: "Thanks, so much love to all of you, your Dad."

Shares in Berlusconi’s media company lost some ground after the will was made public, hit by speculation that the family could eventually sell its stake. However, Pier Silvio said earlier this week that a sale was not on the cards, adding that the company will push forward with its growth plans in Europe.

Berlusconi also left €100 million ($109 million) each to Marta Fascina, his latest partner, and to his younger brother Paolo.

He also left €30 million to his long-time friend and political ally Marcello Dell'Utri, who was convicted of mafia collusion in 2014.