Berlusconi-backed MFE sticks to targets despite tough start to year


FILE PHOTO: The Mediaset tower is seen in the headquarters ahead of the commercial broadcaster's annual general meeting in Cologno Monzese, near Milan, Italy, June 22, 2021. REUTERS/Flavio Lo Scalzo/File Photo

MILAN (Reuters) -Italy's MediaForEurope (MFE), which is seeking to establish itself as a counterweight to U.S. streaming giants, confirmed its 2022 guidance despite the impact of higher costs from content such as sports rights on its first quarter profit.

The TV group, controlled by the family of former Italian Prime Minister Silvio Berlusconi, still expects "positive economic results and a positive free cash flow" despite risks posed the Ukraine war and inflationary pressures.

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