Previously known as Mediaset and controlled by the family of former Italian Prime Minister Silvio Berlusconi, MFE launched in May a cash and share offer for the 44% stake in Spanish broadcaster it does not already own.
The takeover bid has been accepted for 85.3 million shares, representing 61.45% of the shares to which the bid was addressed, and 27.23% of Mediaset Espana's share capital, regulator CNMV said.
MFE also waived the minimum acceptance condition it had set in its initial offering, CNMV added.
The broadcaster offered 2.16 euros on top of 4.5 newly-issued ordinary A shares for each Mediaset Espana share.
MFE CEO Pier Silvio Berlusconi told reporters last week the broadcaster would press ahead with its plan to consolidate its Spanish business through a merger.
The offer was part of MFE's ambition to consolidate the European TV industry, seen as the answer to increasing challenges posed by streaming giants and online advertising platforms to traditional broadcasters.
(Reporting by Elvira Pollina, Yann Morell Y Alcover, writing by Andrea Mandalà, editing by Cristina Carlevaro and Emelia Sithole-Matarise)