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Last Trade - 05/07/19

Sector
Telecoms
Size
Large Cap
Market Cap £8.70bn
Enterprise Value £33.41bn
Revenue £13.61bn
Position in Universe th / 6651

Italian court reserves decision over Vivendi stake in Mediaset

Wed 16th December, 2020 4:22pm
MILAN, Dec 16 (Reuters) - An Italian court has reserved a
decision relating to French media group Vivendi's  VIV.PA 
voting stake in broadcaster Mediaset  MS.MI , two legal sources
said on Wednesday.
    Vivendi has been locked in a legal fight with Mediaset since
walking away in 2016 from a deal to buy the Italian group's
pay-TV arm and building up a stake in Mediaset, which the
broadcaster considers hostile.
    The French company was forced to transfer two thirds of its
voting rights in Mediaset into a trust after Italy's
communications regulator ruled in 2017 that Vivendi's stakes in
Mediaset and in Telecom Italia (TIM)  TLIT.M  ran counter to
laws protecting media plurality.
    Vivendi is TIM's biggest shareholder with a 23.9% stake and
Mediaset's second-largest with a 28.8% holding although its
voting rights in the broadcaster have been curbed to 10%. 
    Following a favourable ruling by the European Union's top
court, Vivendi has been seeking to regain voting rights for its
full 29% stake in Mediaset, the broadcaster controlled by the
family of former Italian Prime Minister Silvio Berlusconi.
    This week the communications regulator opened an inquiry
into Vivendi's TIM and Mediaset stakes.  urn:newsml:reuters.com:*:nL8N2IV517
    Legal sources said the investigation could delay an
administrative court decision on Vivendi's request to scrap
restrictions on its Mediaset holding.  urn:newsml:reuters.com:*:nL8N2IL0GJ
    The case looking into Vivendi's attempt to lift restrictions
on its stake was discussed on Wednesday at a hearing by the
administrative court of the Lazio region. 
    Mediaset asked the court to reject Vivendi's request or to
postpone any decision until after the communications regulator
completes its investigation into Vivendi's interests in Italy,
the legal sources said. 
    The court usually decides on a postponement within days or,
alternatively, comes up with a ruling on the case, a process
that normally takes up to three weeks.
    Mediaset declined to comment. Vivendi was not immediately
available for comment.

 (Reporting by Elvira Pollina, Domenico Lusi. Editing by Jane
Merriman)
 ((elvira.pollina@thomsonreuters.com;))
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