The three-way vice lock that holds Italian politics today could threaten the media empire that allowed the conservative former Italian Prime Minister Sylvio Berlusconi to freely pressure the government into accepting his positions.

Beppe Grillo’s Five Star Movement (M5S) doesn’t want to form a government with Berlusconi’s rightists OR with the Center-Left.  But he’s open to issue-by-issue alliances to get at least some legislation through the divided parliament.

M5S and the Center-Left have much more in common than M5S has with the conservatives.  And that’s especially true for media regulation, which Berlusconi kept loose and weak in order for him to control his Mediaset corporation of TV and radio stations while keeping his day job as Prime Minister.

Now, Center-Left leader Pier Luigi Bersani is proposing a tough conflict of interest law that could force Berlusconi to give up parts of his A$5.2 Billion empire, or even force him to choose between media and politics.

Grillo has criticized Bersani, but ran on a platform of breaking up monopolies like Mediaset, shares of which have slumped since the election.

It’s only part of Berlusconi’s troubles, he’s already convicted of tax evasion and is also facing charges related to alleged sex with an underage prostitute.