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

MEDIASET

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Mediaset, Vivendi seek compromise to revive European growth plan - sources

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09/22/2020 | 12:27pm EDT
FILE PHOTO: A woman walks pass by a sign of Vivendi at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris

Mediaset and its second largest investor Vivendi are working on a potential deal to end a long-running legal row and revive the Italian broadcaster's European growth strategy, two sources close to the matter said.

Controlled by the family of former Italian prime minister Silvio Berlusconi, Mediaset had been targeting expansion in Europe to cope with stiffer competition in the industry from streaming services such as Netflix.

But Vivendi's opposition has forced Mediaset to freeze plans to create a Dutch holding company to pursue alliances in Europe.

The two groups have been locked in a fight since 2016 when Vivendi ditched an accord to buy Mediaset's pay-TV unit and built a 29% stake which Mediaset considers hostile.

In a bid to break the stalemate, the heads of the two groups resumed contacts this month.

The two sources said the groups were looking at ways to relaunch Mediaset's pan-European growth strategy, which the Milanese broadcaster considers vital, with Vivendi's backing.

A solution is not yet in sight and the uncertainty created by the pandemic complicates matters, the sources said.

In the meantime, the legal dispute triggered by the collapsed pay-TV deal rumbles on and a closed-door hearing took place in Milan on Tuesday. A ruling is not expected before next year, giving the parties time to seek a compromise.

One of the sources said Mediaset may consider dropping its multi-billion euro damages claims if a solution emerged that fostered the group's development.

Mediaset had planned to fold its domestic and Spanish businesses into the Dutch vehicle, and eventually pursue a closer tie-up with Germany's ProSiebenSat.1, in which Mediaset owns a 24.2% stake.

The prospect of a potential breakthrough lifted Mediaset's stock which was up 3.2% by 1506 GMT against a 0.7% rise in Italy's All-share index.

Mediaset Espana shares were also up 3%, while shares in ProSieben gained as much as 7% on Tuesday after Italian daily Il Messaggero reported that a potential deal may entail Mediaset raising its stake in the German group, which has so far shunned the prospect of closer integration.

Both Mediaset and Vivendi declined to comment.

By Elvira Pollina


Stocks mentioned in the article
ChangeLast1st jan.
MEDIASET -3.24% 1.524 Delayed Quote.-40.79%
MEDIASET ESPANA COMUNICACION, S.A. -4.57% 2.796 Delayed Quote.-48.23%
NETFLIX, INC. -0.48% 485.7577 Delayed Quote.50.89%
PROSIEBENSAT.1 MEDIA SE -7.04% 10.17 Delayed Quote.-21.35%
VIVENDI SE -0.91% 25.05 Real-time Quote.-2.09%
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Financials
Sales 2020 2 497 M 2 949 M 2 949 M
Net income 2020 72,0 M 85,1 M 85,1 M
Net Debt 2020 1 293 M 1 527 M 1 527 M
P/E ratio 2020 25,5x
Yield 2020 1,01%
Capitalization 1 731 M 2 049 M 2 045 M
EV / Sales 2020 1,21x
EV / Sales 2021 1,09x
Nbr of Employees 4 934
Free-Float 23,4%
Chart MEDIASET
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Technical analysis trends MEDIASET
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Average target price 1,65 €
Last Close Price 1,58 €
Spread / Highest target 47,9%
Spread / Average Target 4,99%
Spread / Lowest Target -42,9%
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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