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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Mediaset    MS   IT0001063210

MEDIASET (MS)
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End-of-day quote. End-of-day quote  - 10/16
2.727 EUR   +3.41%
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Mediaset : directors propose governance changes in battle with Vivendi

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11/10/2017 | 08:03pm CEST
The Mediaset tower is seen in Cologno Monzese neighbourhood Milan

MILAN (Reuters) - Italian broadcaster Mediaset's (>> Mediaset) directors proposed on Friday a change in the size of its board and in the way its members are appointed, in a move that could restrict French shareholder Vivendi's (>> Vivendi) influence.

MILAN (Reuters) - Italian broadcaster Mediaset's (>> Mediaset) directors proposed on Friday a change in the size of its board and in the way its members are appointed, in a move that could restrict French shareholder Vivendi's (>> Vivendi) influence.

The Milan-based group, owned by the family of former prime minister Silvio Berlusconi, is suing Vivendi in court after the French media giant last year backtracked on a deal to buy Mediaset's Italian pay-TV unit Premium.

The rift between the two groups deepened when Vivendi became Mediaset's second largest shareholder in December last year after quickly amassing a stake of 28.8 percent.

Fininvest, Berlusconi's family holding company, owns 39.5 percent of Mediaset and the board is due for re-election in the spring of next year.

On Friday the incumbent board voted unanimously to propose cutting the maximum number of board members to 15 from 21.

It is also seeking to change the appointment system whereby competing lists of proposed board candidates are drawn up by individual shareholders. Currently members are then appointed from the different lists according to a voting system similar to a proportional one.

Under the proposed system, called a "closed list", the list winning the majority of votes would get all but two or three of the board seats, depending on the size of the board. It is up to shareholders to determine the overall size of the board, which would in future range between seven and 15 seats, instead of the current five to 21 seats.

"The changes have been proposed to avoid a hung board and grant it stability," a source familiar with the matter said.

The new system, if approved, would enable the board to make decisions without constant "arm wrestling", he added.

The proposals will be voted on at an extraordinary shareholders meeting called for Dec. 15.

No one at Vivendi was immediately available for comment.

(Editing by Greg Mahlich)

By Giulia Segreti

Stocks treated in this article : Vivendi, Mediaset
Stocks mentioned in the article
ChangeLast1st jan.
MEDIASET 3.41% 2.727 End-of-day quote.-18.36%
VIVENDI 2.33% 21.99 Real-time Quote.-4.15%
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Financials (€)
Sales 2018 3 484 M
EBIT 2018 449 M
Net income 2018 172 M
Debt 2018 1 151 M
Yield 2018 3,35%
P/E ratio 2018 17,44
P/E ratio 2019 10,87
EV / Sales 2018 1,22x
EV / Sales 2019 1,25x
Capitalization 3 115 M
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Technical analysis trends MEDIASET
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TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 3,23 €
Spread / Average Target 22%
EPS Revisions
Managers
NameTitle
Pier Silvio Berlusconi Vice Chairman & Chief Executive Officer
Fedele Confalonieri Chairman
Marco Giordani Chief Financial Officer & Director
Giuliano Adreani Director
Marina Berlusconi Non-Executive Director
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LIBERTY MEDIA FORMULA ONE-4.03%22 527