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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Mediaset Espana Comunicacion, S.A.    TL5   ES0152503035

MEDIASET ESPANA COMUNICACION, S.A.

(TL5)
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Mediaset says ready to seek end to Vivendi spat after merger plan blocked

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08/05/2020 | 03:58pm EDT
FILE PHOTO: Mediaset tower is seen in neighbourhood Milan

Italy's top commercial broadcaster Mediaset said on Wednesday it was ready to start talks with its second largest investor Vivendi after it dropped plans for a pan-European broadcasting platform which the French group opposed.

Over the last four years Mediaset, which is controlled by the family of former Prime Minister Silvio Berlusconi, has been embroiled in a legal battle with the French media group which stemmed from a failed pay-TV sale.

The row intensified last year when Mediaset approved a plan to merge its Italian and Spanish businesses under a Dutch holding company it wants to use to build alliances with peers in Europe.

But opposition from Vivendi, which said the governance structure of the new entity would strengthen the Berlusconis' grip over the group, led to the project being suspended by a Madrid court last year.

On Wednesday, Mediaset said it had dropped the plan after the Madrid court last month rejected a bid to have the suspension lifted, saying the ruling made it impossible to complete the project in the time available.

But Mediaset said the plan remained valid and it was looking at alternative options.

Vivendi wrote to Mediaset following last month's court ruling, saying it was ready to support the Italian broadcaster in its cross-border growth strategy, provided it included a governance structure to protect minority shareholders.

Mediaset, whose board met on Wednesday to discuss the letter, said Vivendi's offer was not satisfactory.

But it said it was open to starting talks with the French group over international growth plans creating value for all the group shareholders, including majority investors.

A source close to the matter said Mediaset's board had invited Vivendi to submit concrete proposals to boost the business abroad, as part of a wider settlement.

The row between the two companies started after Vivendi pulled out of a deal to buy Mediaset's pay-TV business in 2016, instead building up a 29% stake in Mediaset which the Italian group considered hostile.

A legal case has been ongoing ever since, while attempts to clinch a wider settlement have so far proven unsuccessful.

(Editing by Alison Williams)

By Elvira Pollina

Stocks mentioned in the article
ChangeLast1st jan.
MEDIASET -1.87% 1.681 Delayed Quote.-36.80%
MEDIASET ESPANA COMUNICACION, S.A. 0.18% 3.258 Delayed Quote.-42.44%
VIVENDI SE -0.80% 23.53 Real-time Quote.-8.87%
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All news about MEDIASET ESPANA COMUNICACION, S.A.
09/22Mediaset, Vivendi seek compromise to revive European growth plan - sources
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09/03Vivendi gains upper hand in Mediaset court battle after EU ruling
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09/03Vivendi gains upper hand in Mediaset court battle after EU ruling
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08/28MEDIASET ESPANA COMUNICACION, S.A. : half-yearly earnings release
08/11France's Vivendi seeks meeting with Mediaset to discuss truce - sources
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08/11FRANCE'S VIVENDI SEEKS MEETING WITH : sources
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08/06MEDIASET ESPANA COMUNICACION S A : Board of directors withdraws the merger proje..
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08/06MEDIASET ESPANA COMUNICACION S A : Consejo de administración desiste de la opera..
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08/05Mediaset says ready to seek end to Vivendi spat after merger plan blocked
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08/05Mediaset Evaluates Further Options As Merger Plan Stalls
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Financials
Sales 2020 817 M 951 M 951 M
Net income 2020 137 M 160 M 160 M
Net cash 2020 63,6 M 74,1 M 74,1 M
P/E ratio 2020 8,04x
Yield 2020 8,92%
Capitalization 1 020 M 1 185 M 1 187 M
EV / Sales 2020 1,17x
EV / Sales 2021 1,05x
Nbr of Employees 1 541
Free-Float 45,4%
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Technical analysis trends MEDIASET ESPANA COMUNICACION, S.A.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 3,94 €
Last Close Price 3,26 €
Spread / Highest target 56,5%
Spread / Average Target 21,0%
Spread / Lowest Target -47,8%
EPS Revisions
Managers
NameTitle
Paolo Vasile Chief Executive Officer & Executive Director
Alejandro Echevarría Busquet Chairman
Massimo Musolino Executive Director & Managing Director-Operations
Francisco Javier Uria Iglesias Director-Finance & Economics Division
Eugenio Fernández Aranda Director-Technology Division
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