The way it presented these results is rather comical : the net result decreased by 42% compared to the year 2021, but the group ignores it and compares it instead to the year 2019 - a "pre-Covid" basis it explains without laughing - to thus boast about a pseudo-growth of 14%! One pinches oneself to believe it.

Over the long cycle, i.e. the decade 2012-2022, the trend is clearly towards erosion of revenues and profits. While revenues are holding up rather well thanks to the exceptional resilience of the Italian advertising market, cash generation has halved despite serious budget cuts.

However, it will take more than that to stop Pier Silvio Berlusconi, the tycoon's son, who made a statement peppered with "extremely proud", "very positive", etc. In the coming weeks, the group will complete the integration of Mediaset España, increase its stake in Germany's ProsiebenSat1, and launch a share buyback program in the process.

Some would say that this is akin to doubling down on a business in structural decline. The valuation is low, of course - the ordinary dividend is 7% and the current enterprise value is less than x7 the cash profits - but even if you want to bet on traditional media, the German RTL, discussed in these columns a few months ago, seems to offer a more attractive risk-reward profile.

Vivendi had already been taken in by the Berlusconis. We still marvel at the idea that the two groups could have once seriously considered joining forces to launch a competing offer to Netflix - before the deal went sour and they fell out with each other.