Who buys ad time on Mediaset channels?
Share of Italian television advertising budgets spent with Mediaset, by industry type. Firms in heavily regulated industries disproportionately shifted advertising to Mediaset channels during periods when its founder and part owner, Silvio Berlusconi, was serving as the Prime Minister of Italy.
Note: data are seasonally adjusted.
Source: adapted from Figure 4b in DellaVigna et al. (2016)