The proposed acquisition of Italy’s most prestigious newspapers, La Repubblica and La Stampa, by Greek tycoon Theodore Kyriakou has ignited a political and media earthquake.
As negotiations with the Agnelli-linked GEDI Group enter their final stages this December, the deal is being viewed as more than a business transaction—it is a potential shift in the Mediterranean’s geopolitical balance of power.
Kyriakou: “Berlusconi of the Balkans”
Theodore Kyriakou is the architect of the Antenna Group’s global expansion, but his roots are firmly planted in Greek history. He is the son of Minos Kyriakou, the shipping magnate who founded ANT1 TV in 1989. While the father built a domestic powerhouse, the son has transformed it into an international conglomerate with 37 television channels and significant stakes in global giants such as Spotify and the Raine Group.
In Italy, Kyriakou has been described by some as a “Berlusconi of the Balkans“—a title reflecting his mix of media control, shipping wealth, and high-level political networking.
The “Trump connection”
The bid has drawn intense scrutiny due to Kyriakou’s high-profile international alliances. Kyriakou is known to be close to US President Donald Trump. Reports highlight his presence at a recent state dinner in Doha, where he reportedly held private discussions regarding international commercial developments.
Since 2022, Saudi Arabia’s Public Investment Fund (PIF) has held a 30% stake in Antenna Greece. While Kyriakou insists the Italian deal is being funded with independent capital, critics fear the “soft power” influence of Gulf states on European editorial lines. Kyriakou reportedly sought informal “clearance” from Italian PM Giorgia Meloni before pursuing the deal, signaling his desire to be seen as an “institutional” and friendly investor by the current Italian government.
Turmoil in the newsrooms
The bid has been met with fierce resistance from Italian journalists. For the past week, staff at both La Repubblica and La Stampa have engaged in strikes, leaving newsstands empty. Fears of a shift in editorial independence were heightened when the Russian Embassy in Rome publicly commented on the sale, expressing hope that the papers would cease “anti-Russian propaganda” under new ownership.
Breaking reports suggest that Kyriakou may only be interested in the Rome-based La Repubblica. There is widespread speculation that he intends to sell the historic, Turin-based La Stampa to a separate buyer almost immediately after the deal is finalized.
If the deal closes in January 2026 as expected, it will mark the first time in history that Italy’s leading daily newspapers are owned by a foreign entity. For Kyriakou, it is the ultimate expansion of the family brand; for Italy, it represents the end of an era of domestic, industrial-family ownership (the Agnellis) and the beginning of a new, globalized, and politically-charged chapter for its free press.
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