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

MEDIASET

(MS)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 04/02 12:15:01 pm
1.989 EUR   +4.57%
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Spanish court upholds block on Mediaset merger plan

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02/17/2020 | 01:49pm EDT
FILE PHOTO: A man stands as a woman walks past a sign of Vivendi at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris

A regional court in Madrid has upheld the suspension of broadcaster Mediaset plan to merge its Italian and Spanish divisions under a Dutch holding company after rejecting the Italian company's appeal, a document seen by Reuters showed on Monday.

Mediaset, controlled by the family of former Prime Minister Silvio Berlusconi wants to merge its Italian and Spanish units under the Dutch holding firm MediaforEurope (MFE). It would use the new entity to pursue a European growth strategy to tackle growing competition in the industry from streaming rivals such as Netflix.

But French media group Vivendi, a major shareholder in Mediaset, is fighting the project in courts across Europe. Vivendi, led by French billionaire Vincent Bollore, says the governance structure of the new entity would strengthen Berlusconi's grip on the company.

A Spanish court suspended the merger in October as a precautionary measure after Vivendi brought a legal challenge.

Mediaset's Spanish unit Mediaset Espana appealed the suspension but the Madrid regional court rejected its appeal.

A Vivendi spokesman said the company was satisfied with Monday?s decision. Mediaset did not comment.

BUMPY ROAD

The Spanish court's decision did not consider amendments to MFE bylaws that helped Mediaset to free the project from a court suspension in Italy, the court decision seen by Reuters showed. .

But a Spanish commercial court, which will hear the wider case filed by Vivendi against the Mediaset reorganisation plan, will take MFE's bylaw changes into account when it rules on the merits of the case.

A new court hearing originally set for Tuesday in Madrid was postponed without a new date, two legal sources said on Monday.

A third source said that the court had given Vivendi up to five more days to submit further documents.

This delay poses a potential threat to Mediaset, which faces a March deadline to see its Dutch holding company plan through. If the deadline is missed, the decisions of a shareholder meeting last year that approved the project will no longer be valid under Dutch laws.

But Mediaset aims to submit revised plans, including changes to the MFE bylaws, to authorities in the Netherlands, securing more time to complete the project, two sources familiar with the matter said this month.

(Additional reporting by Paola Luelmo in Madrid. Writing by Jose Elías Rodríguez and Emma Pinedo, editing by Andrei Khalip/Keith Weir/Jane Merriman)

By Emma Pinedo and Elvira Pollina

Stocks mentioned in the article
ChangeLast1st jan.
BOLLORÉ -0.91% 2.4 Real-time Quote.-37.74%
MEDIASET 3.94% 1.977 Delayed Quote.-27.07%
MEDIASET ESPAÑA COMUNICACIÓN, S.A. 4.78% 3.376 End-of-day quote.0.00%
NETFLIX, INC. 0.94% 366.7 Delayed Quote.12.52%
PROSIEBENSAT.1 MEDIA SE 6.96% 7.068 Delayed Quote.-52.49%
VIVENDI -0.58% 19.815 Real-time Quote.-22.81%
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Financials (EUR)
Sales 2020 2 708 M
EBIT 2020 275 M
Net income 2020 181 M
Debt 2020 1 215 M
Yield 2020 3,90%
P/E ratio 2020 16,3x
P/E ratio 2021 11,5x
EV / Sales2020 1,26x
EV / Sales2021 1,11x
Capitalization 2 204 M
Chart MEDIASET
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Mediaset Technical Analysis Chart | MarketScreener
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Technical analysis trends MEDIASET
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 14
Average target price 2,04  €
Last Close Price 1,94  €
Spread / Highest target 245%
Spread / Average Target 5,30%
Spread / Lowest Target -63,9%
EPS Revisions
Managers
NameTitle
Pier Silvio Berlusconi Deputy Chairman & Chief Executive Officer
Fedele Confalonieri Chairman
Simone Sole Head-Finance & Administration
Marco Giordani Chief Financial Officer & Director
Marina Berlusconi Non-Executive Director
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