Created in 1989 as Gestevisión Telecinco, it was then granted one of the first licenses for private free-to-air analogic terrestrial TV broadcasting in Spain.

Its first president was Germán Sánchez Ruipérez and, with a capital of 250 million pesetas, its shareholding was distributed as follows: On 25 August 1989 Gestevisión Telecinco, along with Antena 3 Televisión and PRISA TV, were issued a 10-year broadcasting license to operate a national, free-to-air, commercial television channel.

[4] The main director of Atlas, Chema Baptist, added maximum responsibility of Telecinco's internet area and new business multiplatform to his duties.

This decision was part of the company's policy of harnessing content creation and management in new technologies, and it took place immediately after the repurchase of 50% of his internet branch was finalised by Orange in 2001.

As part of the deal, PRISA would buy newly issued shares of Gestevisión Telecinco, giving it an 18% stake in the company.

Telecinco, having met the suspension conditions to which it was subjected, acquired a 22% stake in DTS Distribuidora de Televisión Digital SA (Digital+) and 100% of the share capital of Sogecuatro, which operated the free-to-air channel Cuatro.

Mediaset España is a supporter of the Hybrid Broadcast Broadband TV (HbbTV) initiative that is promoting and establishing an open European standard for hybrid set-top boxes for the reception of broadcast TV and broadband multimedia applications with a single user interface, and has run pilot HbbTV services.

[10] In late January 2023, MFE announced that it would go ahead with Mediaset España merger plan, and offered to pay €3.2687 per share in the Madrid-based broadcaster.