'Real Life Succession': Former Italy PM's Demise Puts Spotlight On Successor Of His $7 Billion Empire

The American comedy-drama TV series Succession, which ended about three weeks ago, has been on the receiving end of lots of praise from both the public and critics.

And in real life, it seems that it's not just the life of the world's second-richest person, Bernard Arnault, that is resembling the TV series, given that the billionaire is looking for a successor. Even the recent demise of Italy¡¯s four-time Prime Minister and billionaire Silvio Berlusconi a few days ago has put the spotlight on a potential succession drama as the 86-year-old's heirs inherit the controlling stake of the once-Italy's richest person's vast business empire.

Former Italy PM's $7 Billion Empire

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The Berlusconi family trust, 'Fininvest,' controls numerous companies in sectors ranging from TV to film to publishing and football. The Berlusconi fortune was recently estimated to be worth around $7 billion.

Since his death earlier this week on Monday, speculations have been arising about the future of Italy's third-largest fortune, from the possibility that its companies could be broken up to whether his children and his girlfriend might fight for the spoils, as per an AFP report. The family patriarch held onto his 61 percent stake in the group until the end.

How it will be divided up among his children is unknown, as the contents of his will have not been made public.

The idea of a breakup seems appealing to investors, as shares of Berlusconi's TV group, MediaForEurope, surged by 13 percent on such speculation on Tuesday. Fininvest, however, sought to quash all speculation, issuing a statement saying that its business activities "will continue in a line of absolute continuity in every respect".

The group faces a key test at the end of June when it holds its first shareholder meeting without "Il Cavaliere" (The Knight). In a headline, the newspaper La Repubblica said: "Now the battle between his children for the 61 percent stake in the Cavaliere's safe".

Who All Are The Billionaire's Family Members?

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The billionaire had a total of five children. Marina and Pier Silvio, with his first wife, Carla Dall'Oglio, who each hold 7.65 percent stakes in Fininvest, Berlusconi had the three other children¡ªLuigi, Eleonora, and Barbara¡ªwith his second wife, Veronica Lario. They have a combined stake of 21.42 percent. The former Italian PM is also survived by his 33-year-old girlfriend, Marta Fascina, a former model and lawmaker in his Forza Italia political party.

La Repubblica noted that if Berlusconi's 61 percent share were divided equally among his offspring, the three children from his second marriage would end up with a majority stake of 58 percent. His two older children, however, hold major positions in the family business.

Also Read: World's Second Richest Person Bernard Arnault Auditioning His 5 Children

Who All Are In Contention To Be Successors?

First in line of succession is Berlusconi's daughter Marina, 56, who has headed Fininvest since 2005 as well as the Mondadori publishing house since 2003. Nicknamed the Tsarina or the Iron Princess, the billionaire's eldest child Marina is reputed to be the business mastermind of the Berlusconi clan and has been involved in the family business from a young age, as the report mentioned.

"She appears fragile but has a wrought iron character," Berlusconi liked to say about his eldest daughter, who has been ranked among the most powerful women in the world by Forbes.

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Despite the speculation about a potential feud, analysts say Berlusconi had planned his succession well.

"Marina Berlusconi took over from her father, gradually acquiring freedom to act and independence, which allowed her to become a focal point for the group," said Andrea Colli, a professor of business history at Bocconi University in Milan.

"His empire will survive without Silvio Berlusconi because he planned ahead of time for the transition between generations," Colli said. The professor noted that Berlusconi had not been directly involved in the management of the group since entering politics in the 1990s.

Giuseppe Di Taranto, an emeritus professor of economic history at Luiss University in Rome, said "there is no risk of the Berlusconi empire weakening". "On the contrary, the empire will emerge strengthened because his children have proved themselves to be very good managers," he said.

Pier Silvio Berlusconi, the billionaire's 54-year-old son, took the reins of Mediaset in 2015 after starting his career at the group's advertising unit, Publitalia '80, as per the report. Berlusconi's other businesses include Mediolanum Bank, the Medusa Film Production Company, and the Serie A football club Monza, along with assets such as villas and yachts.

"Marina will probably head the group and will control the majority with Pier Silvio," Di Taranto said. "I don't think there will be family feuds. They're very united," he said.

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