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MEDIASET S.P.A.

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Mediaset, Vivendi nearing signing of compromise deal - sources

05/01/2021 | 09:09am EDT

MILAN, May 1 (Reuters) - Mediaset and Vivendi are moving closer to signing an agreement that would end years of legal sparring stemming from a failed pay-TV deal in 2016, sources close to the matter said.

Lawyers for the two sides are at work through the weekend on the fineprint of a possible accord, three sources said.

The Italian broadcaster and its second biggest shareholder have come close in the past to settling the multiple legal disputes but have been unable to finalise negotiations.

One source said that an accord appeared more within reach this time around. Vivendi, Mediaset and its top shareholder Fininvest all declined to comment.

The latest push comes after a Milan court earlier this month dismissed a 3 billion euro ($3.6 billion) damage request from Mediaset, which is controlled by the family of former Prime Minister Silvio Berlusconi, against Vivendi.

The court ordered Vivendi to pay only around 1.7 million euros after the French media group ditched an accord to buy Mediaset's pay-TV business and then built a 29% stake which the Milanese broadcaster considers illegitimate.

Vivendi has scored other court victories, regaining full voting rights on its stake and the group controlled by French financier Vincent Bollore is now in a position to block extraordinary shareholder resolutions at Mediaset.

Mediaset on Monday said it had revived a plan to move its legal base to the Netherlands to pursue European alliances and wished to develop this strategy with the backing of all its shareholders.

Bets on a possible accord lifted shares in Mediaset to a 17-month high this week.

The sources said discussions were continuing and an accord appeared close. One source said its terms would likely include Vivendi progressively cutting its Mediaset stake.

Daily la Repubblica reported on Saturday that Vivendi could also pay "a few dozens million euros" as compensation to settle all pending lawsuits.

The paper said Vivendi could sell over five years two thirds of its stake, the portion it had been forced to place in an arms-length trust, with Fininvest reserving the right of first refusal. ($1 = 0.8321 euros) (Reporting by Elvira Polilina, writing by Valentina Za, editing by Angus MacSwan)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BOLLORÉ SE 0.61% 4.26 Real-time Quote.25.96%
MEDIASET S.P.A. -1.15% 2.752 Delayed Quote.31.93%
VEOLIA ENVIRONNEMENT 0.80% 26.31 Real-time Quote.31.48%
VIVENDI SE 0.54% 29.82 Real-time Quote.13.04%
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Financials
Sales 2021 2 792 M 3 396 M 3 396 M
Net income 2021 213 M 259 M 259 M
Net Debt 2021 877 M 1 066 M 1 066 M
P/E ratio 2021 15,0x
Yield 2021 3,52%
Capitalization 3 130 M 3 804 M 3 807 M
EV / Sales 2021 1,43x
EV / Sales 2022 1,36x
Nbr of Employees 4 809
Free-Float 23,4%
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Technical analysis trends MEDIASET S.P.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 2,40 €
Last Close Price 2,75 €
Spread / Highest target 9,01%
Spread / Average Target -12,8%
Spread / Lowest Target -67,3%
EPS Revisions
Managers and Directors
NameTitle
Pier Silvio Berlusconi Deputy Chairman & Chief Executive Officer
Simone Sole Head-Finance & Administration
Marco Giordani Chief Financial Officer & Director
Fedele Confalonieri Chairman
Carlo Secchi Independent Director
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