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MarketScreener Homepage  >  Equities  >  Xetra  >  ProSiebenSat.1 Media SE    PSM   DE000PSM7770

PROSIEBENSAT.1 MEDIA SE

(PSM)
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Italian judge backs Mediaset in TV battle with Vivendi

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02/03/2020 | 12:24pm EST
FILE PHOTO: The Mediaset tower is seen in Cologno Monzese neighbourhood Milan

A Milan judge rejected a request by France's Vivendi to suspend a planned reorganisation at Mediaset, the companies said on Monday, potentially boosting the Italian broadcaster's European expansion strategy.

Controlled by the family of former Italian prime minister Silvio Berlusconi, Mediaset approved a merger of its Italian and Spanish units under a Dutch holding company, called MediaforEurope (MFE) last September.

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

The two feuding companies responded to the decision in contrasting ways on Monday.

Vivendi said it would appeal against the ruling, while Mediaset said the MFE project was "confirmed and will go

ahead."

As things stand, the reorganisation remains on hold because a Spanish judge last year ruled in favour of Vivendi's request to suspend it. The Milan judge's decision could help the Italian broadcaster to overturn the suspension in Spain.

Mediaset wants to use the new holding company to pursue tie-ups with other European peers, in a bid to create a pan-European TV champion to tackle growing competition in the industry from streaming rivals such as Netflix.

It has already built up a 15% stake in German broadcaster ProSiebenSat.1 .

DIFFICULT PATH

In an effort to push through its plan, Mediaset shareholders approved changes to MFE's bylaws on Jan. 10, as suggested by the Milan court. However, Vivendi said the changes did not address its concerns.

Mediaset faces a March deadline to see its Dutch holding company plan through, otherwise the decisions of a September shareholder meeting that approved the project will no longer be valid based on existing Dutch laws.

Vivendi and Mediaset have been at odds since the French conglomerate dropped a deal to buy Mediaset's pay-TV unit in 2016 and then built up a 29% stake in the group, which the Italian broadcaster considers hostile.

Two-thirds of that stake is held in a trust, following a ruling by the Italian telecoms watchdog over Vivendi's excessive presence in the country's media and telecoms sectors, given its 24% holding in Telecom Italia as well.

Mediaset's shares ended 0.9% higher on Monday but the deadlock with Vivendi and uncertainty over the future of the Italian broadcaster growth plans has weighed on the stock, which is down 9% since the start of this year.

By Elvira Pollina

Stocks mentioned in the article
ChangeLast1st jan.
BOLLORÉ -0.27% 3.716 Real-time Quote.-4.47%
MEDIASET -0.33% 2.387 Delayed Quote.-10.26%
MEDIASET ESPANA COMUNICACION, S.A. 1.87% 5.072 End-of-day quote.-10.39%
NETFLIX 0.18% 369.67 Delayed Quote.14.25%
PROSIEBENSAT.1 MEDIA SE 0.04% 12.015 Delayed Quote.-13.62%
TELECOM ITALIA S.P.A. -0.47% 0.4895 Delayed Quote.-11.61%
UNITED PARCEL SERVICE 2.57% 106.04 Delayed Quote.-9.41%
VIVENDI 0.68% 25.28 Real-time Quote.-2.09%
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Financials (EUR)
Sales 2019 4 163 M
EBIT 2019 636 M
Net income 2019 410 M
Debt 2019 2 298 M
Yield 2019 7,64%
P/E ratio 2019 6,71x
P/E ratio 2020 6,97x
EV / Sales2019 1,20x
EV / Sales2020 1,13x
Capitalization 2 716 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 15,41  €
Last Close Price 12,02  €
Spread / Highest target 150%
Spread / Average Target 28,2%
Spread / Lowest Target -16,8%
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Managers
NameTitle
Max Conze Chief Executive Officer
Werner Brandt Chairman-Supervisory Board
Rainer Beaujean Chief Financial Officer
Nick Thexton Chief Technology Officer
Lawrence A. Aidem Independent Member-Supervisory Board
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