Rai Way

What Rai Way does

Rai Way S.p.A. is the Italian operator of broadcasting and digital infrastructure, controlled by public broadcaster RAI and listed on Euronext Milan since 2014. The company runs over 2,300 transmission sites providing DVB-T/DVB-T2 digital terrestrial television, FM, and DAB+ radio coverage reaching more than 99% of the Italian population for DTT and FM and over 70% for DAB+. Beyond its core broadcasting mandate under a service contract with RAI running through 2028, Rai Way monetizes the same infrastructure through tower hosting for telecom operators, a proprietary Edge CDN with 10 points of presence, five operational Edge Data Centers, and a 6,000+ km DWDM fiber optic backbone.

The company's go-to-market is direct enterprise field sales in Italy, organized around service-specific commercial teams (broadcasting, data center, CDN/connectivity, tower hosting) targeting national and local broadcasters, mobile network operators, public administration, and large enterprises requiring Italian-based digital infrastructure. Revenue is generated through subscription/recurring contracts across all service lines, with the FY2025 core revenue base of €282.8 million generating €191.8 million adjusted EBITDA (~68% margin) and €88.6 million net profit. The product portfolio is being actively expanded: a €400 million hyperscale data center in Pomezia (planning permission received March 2026) and a target of 18 edge data center facilities will materially scale the data center business beyond the current five edge sites, while partnerships with Cubbit (Cloud Object Storage) and Oracle AI extend the platform into cloud and AI-enabled infrastructure services.

Strategically, Rai Way is in active merger negotiations with EI Towers (extended through end of June 2026), which would create a combined Italian TV tower entity of approximately 4,700 sites valued near €4 billion and reshape the competitive landscape of Italian broadcasting infrastructure. Underlying organic growth is modest at roughly 2-3% annually (Q1 2026 revenue +2.6% YoY), with significant operational leverage and free cash flow supporting the multi-year capex program and any merger-related integration costs.

Name

Rai Way

Legal name

Rai Way S.p.A.

Website

https://raiway.it

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Rai Way is Italy's leading broadcasting infrastructure operator, running 2,300+ transmission sites for DTT, FM, and DAB+ services under a service contract with parent RAI. The company is expanding into edge data centers, hyperscale capacity, CDN, and fiber connectivity for broadcasters, MNOs, enterprises, and public administration.

Ownership category

akta.pro rank

Product category

Broadcasting Infrastructure Services

NAICS

Wired and Wireless Telecommunications Carriers (except Satellite) (51711), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518), Broadcasting and Content Providers (516)

SIC

Communications Services, Nec (4899), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Site Security, Monitoring & Remote Operations (NOC/IoT) (HDAIAKAH)

Keywords

• Broadcasting infrastructure services
• Tower hosting services
• Edge data center services
• Content delivery network
• Fiber optic connectivity

Headquarters

HQ city

Roma

HQ country

Italy

HQ region

Europe

Offices27 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D

Revenue model

1. Broadcasting Transmission Services: Core broadcasting transmission and diffusion services for RAI and local broadcasters, including TV and radio signal transmission via DVB-T/T2, FM, and DAB+ networks.
2. Tower Rental / Hosting: Tower hosting services for telecom operators, broadcasters, and public institutions, providing secure and high-performance hosting solutions on the company's distributed network of 2,300+ sites.
3. Data Center & Cloud Services: Colocation, virtual private cloud, cloud object storage, and connectivity services from Edge Data Centers targeting enterprises and public administration.
4. Content Delivery Network: CDN services for live and VoD streaming, origin shield, storage, DVR, transcoding, and dashboard services for broadcasters, OTT operators, and content providers.
5. Connectivity Services: High-capacity dedicated fiber optic connections (6,000+ km DWDM network) with redundant paths for enterprises and public administration.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Rai Way operates Italy's national broadcasting and digital infrastructure portfolio. It provides DVB-T/T2, FM, and DAB+ transmission services for national and local broadcasters; tower hosting for mobile network operators; edge data center colocation together with cloud services (Virtual Private Cloud and Object Storage); a 10-PoP Content Delivery Network; and high-capacity DWDM fiber connectivity over 6,000+ km of network. Services are aimed at broadcasters, telecom operators, media/OTT companies, enterprises, and public administration.

Product overview

Rai Way operates as an integrated digital infrastructure operator offering a diversified portfolio of services centered around broadcasting, connectivity, and cloud infrastructure. The core offering includes Broadcasting Services (TV/radio transmission via DVB-T/DVB-T2, FM, DAB+ networks) and Tower Hosting, which form the traditional infrastructure business. The company has expanded into digital services including a proprietary Edge CDN (with 10 PoPs), Data Center & Cloud services (Colocation, Virtual Private Cloud, Cloud Object Storage), and Connectivity Services (6,000+ km fiber optic network). These services are delivered through 5 active Edge Data Centers and a planned Hyperscale Data Center in Rome. The portfolio serves Rai, local broadcasters, mobile network operators, enterprises, and public administrations, with all services designed to ensure Italian digital sovereignty.

Differentiator

Problem solved

Functional benefit

Products and services

• National Broadcasting Services (DVB-T/T2, FM, DAB+) End-to-end digital terrestrial television (DVB-T/T2), analog FM, and DAB+ digital radio transmission services delivered across Rai Way's nationwide network of more than 2,300 sites for national and local broadcasters.
• Tower Hosting Services Carrier-neutral hosting of mobile network antenna systems and equipment on Rai Way's transmission sites, providing power, space, and backhaul for Italian mobile network operators and wireless carriers.
• Edge Data Center Colocation Colocation services across Rai Way's 5 edge data centers in Italy, offering secure, sovereign, EU-compliant rack space and facilities for enterprises, OTT operators, and public administration.
• Virtual Private Cloud (VPC) Cloud computing infrastructure delivered from Rai Way's edge data centers, providing enterprises with on-demand virtual private cloud capacity hosted in Italy.
• Cloud Object Storage Object storage service offered from Rai Way's Italian edge data centers, providing scalable, sovereign storage capacity for enterprise and media workloads.
• Content Delivery Network (CDN) Content distribution service delivered through a 10-PoP edge CDN across Italy, enabling broadcasters, OTT operators, and media companies to distribute video and digital content with low latency and high reliability.
• Fiber Connectivity (DWDM Network Services) High-capacity DWDM fiber optic connectivity services over 6,000+ km of network, providing backbone and backhaul links for broadcasters, MNOs, enterprises, and public-sector buyers.
• Local Broadcasting Services Regional and local DTT/DAB+ transmission, contribution, and distribution services for Italian regional broadcasters, radio stations, and content producers.
• Mobility Services Infrastructure services supporting mobile network operators' rollout and densification, including 5G broadcasting capability and connected-mobility solutions over Rai Way's network.
• Integrated Solutions on Demand Custom integrated solutions combining transmission, hosting, data center, cloud, CDN, and fiber capabilities into tailored, on-demand service packages for broadcasters, enterprises, and public administration.

Quantifiable outcome

• 99%+ population coverage for DTT and FM radio
• +4 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability3 records

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• EI TowerscoreStrategic or Co-development Partner · 17 June 2026Merger negotiations between Rai Way and EI Towers (majority owned by infrastructure fund F2i and MFE) to create a joint TV tower company with approximately 4,700 sites worth nearly EUR 4 billion. Negotiations extended to end of June 2026.
• Hyperscale and Cloud CustomerscoreTechnology or IntegrationRai Way's hyperscale data center in Pomezia is designed for hyperscale and cloud customers with customizable density, layout, and cooling systems.

Scale indicators19 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• EI Towers: Italy's other major broadcast infrastructure operator, majority-owned by F2i and MFE. Operates towers and DTT transmission sites for Mediaset and other broadcasters; merger partner with Rai Way to create a ~4,700-site national champion.
• Inwit: Italy's largest tower company, jointly controlled by TIM and Vodafone, hosting the majority of Italian MNO macro sites. Competes with Rai Way for tower hosting revenue from MNOs and FWA operators across Italy.
• TDF (TDF Infrastructure): France's leading broadcast infrastructure operator (DTT, FM, DAB+) and a major tower hosting provider. Closest functional analogue to Rai Way outside Italy, with a comparable mix of broadcasting transmission, tower hosting and fiber connectivity.
• Arqiva: UK's primary broadcast infrastructure operator, providing DTT, radio and satellite transmission plus tower hosting and smart metering connectivity. Closest UK peer to Rai Way's integrated broadcast + tower + connectivity model.
• Retelit: Italian fiber optic network operator with ~14,000 km of infrastructure serving enterprises, MNOs and public administration. Directly competes with Rai Way's 6,000 km DWDM fiber and connectivity services in Italy.
• Open Fiber: Italian wholesale-only fiber operator (backed by CDP and Macquarie) building nationwide FTTH and FTTC infrastructure. Competes with Rai Way for enterprise and public sector connectivity in Italy.

Broad incumbents

• Cellnex Telecom: Europe's largest independent tower operator with extensive broadcast (DTT) and telecom tower portfolios across Spain, Italy, France, UK and other markets. Direct competitor in Italian tower hosting and a key European benchmark for tower valuations.
• American Tower Corporation: Global REIT-structured tower operator with a large European footprint. Competes with Rai Way in Italian/MNO tower hosting and provides a global valuation benchmark for tower-heavy business models.
• Equinix: Global colocation and interconnection leader with Milan data centers; competes with Rai Way's edge data center and colocation services for Italian enterprise and hyperscale workloads.
• Digital Realty Trust: Global hyperscale and colocation data center REIT with facilities in Milan. Competes with Rai Way's planned Pomezia hyperscale data center for cloud and hyperscale tenant contracts in Italy.

Market position

Strengths5 records

Weaknesses6 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/raiwayspa

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rai Way