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

MEDIASET

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Mediaset open to discussing European strategy with Vivendi as CEOs talk

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09/09/2020 | 05:00am EDT

* Mediaset, Vivendi CEOs talk on phone -source

* Mediaset "can find a solution" with French group -CFO

* Mediaset swings to first half loss as ad revenue slumps

* Shares rally as investors bet on possible truce

MILAN, Sept 9 (Reuters) - The head of Mediaset talked with his counterpart at Vivendi on Wednesday, a source familiar with the matter said, as Italy's top commercial broadcaster and its second-biggest investor look to resolve a protracted row.

Mediaset, controlled by the family of former Italian Prime Minister Silvio Berlusconi, has been embroiled in a multi-billion-euro legal dispute with Vivendi since a collapsed pay-TV deal in 2016.

Vivendi holds 29% of the Italian broadcaster, a stake it built after walking away from the purchase of pay-TV unit Mediaset Premium and which Mediaset considers hostile.

The telephone call between Mediaset CEO Pier Silvio Berlusconi and Vivendi CEO Arnaud de Puyfontaine was cordial, the source said, and could be a first step towards exploring a deal.

"We can find a solution with Vivendi ... in the best interest of the shareholders of Mediaset", Chief Financial Officer Marco Giordani told analysts earlier on Wednesday in a call on Mediaset's first-half results.

The potential breakthrough comes after the European Union's top court last week ruled against an Italian law that forced Vivendi to freeze two thirds of its Mediaset stake due to its parallel holding in Telecom Italia.

That victory for Vivendi, together with its success in blocking plans by Mediaset to create a Dutch holding company to pursue tie-ups with peers in Europe, could boost the chances of a compromise deal, analysts say.

Mediaset shares have gained up to 20% since the European court ruling boosted the prospect of a deal with Vivendi. The stock ended up 2% at 1.88 euros on Wednesday, erasing early losses after Giordani's remarks.

Efforts to end the row have failed so far, with Mediaset reluctant to drop its damage claims as requested by Vivendi, which soon might regain its voting rights on its full stake in the Italian broadcaster.

"If there are projects, ideas that create value, we are and will be available to discuss them," Giordani said.

He said Mediaset's European growth strategy remained valid and the group would seek ways to rethink the project once markets stabilised.

The COVID-19 pandemic has increased pressure on Mediaset and other traditional broadcasters in Europe, which were already suffering due to stiff competition from streaming services like Netflix and web giants like Google.

Mediaset posted a net loss of 19 million euros ($22 million) in the first half as the pandemic prompted companies to slash spending on advertising despite soaring viewership.

Revenues fell by a fifth, driving operating profit down 83%.

Ad spending recovered in July-August and results should improve in the second half barring another lockdown, Mediaset said.

However, it warned that visibility was too low to provide any medium-term guidance and said the market situation remained "extremely fragile".

($1 = 0.8500 euros) (Reporting by Elvira Pollina; editing by Elaine Hardcastle, Mark Potter and Leslie Adler)


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 3.05% 1556.88 Delayed Quote.16.24%
MEDIASET 0.61% 1.48 Delayed Quote.-44.70%
NETFLIX, INC. 3.70% 504.21 Delayed Quote.55.83%
TELECOM ITALIA S.P.A. -1.42% 0.2907 Delayed Quote.-47.00%
VIVENDI SE 1.39% 24.76 Real-time Quote.-4.11%
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Financials
Sales 2020 2 497 M 2 915 M 2 915 M
Net income 2020 72,0 M 84,1 M 84,1 M
Net Debt 2020 1 293 M 1 510 M 1 510 M
P/E ratio 2020 24,0x
Yield 2020 1,07%
Capitalization 1 681 M 1 961 M 1 963 M
EV / Sales 2020 1,19x
EV / Sales 2021 1,08x
Nbr of Employees 4 934
Free-Float 23,4%
Chart MEDIASET
Duration : Period :
Mediaset Technical Analysis Chart | MarketScreener
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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 1,48 €
Spread / Highest target 57,4%
Spread / Average Target 11,7%
Spread / Lowest Target -39,2%
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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