RCS MediaGroup S p A : Litigation concerning the property of Via Solferino

CorporateMay 17, 2021 - 19:55

Milan, May 17, 2021 - With reference to the news that appeared in certain media regarding the outcome of the arbitration relating to the sale of the Solferino property, and the alleged consequences for RCS of the two lawsuits brought by the purchaser of that property and certain Blackstone funds before the Supreme Court of the State of New York, the Company specifies that the representation contained therein contains incorrect and/or misleading statements.

As stated in previous releases, the Company believes that such actions - which are currently stayed - are brought before a court without jurisdiction, and are anyway unfounded (moreover, in the actions the alleged damage is not even quantified, and there is no basis for the duplicative damages sought in the New York actions, one against RCS and the other against its Chairman).

The award of May 14, 2021 set off the costs of the litigation and rejected the counterparty's claims for damages based on RCS's alleged reckless conduct and bad faith. This decision, affecting the merits, highlights the groundlessness of the opposing claims before the Supreme Court of the State of New York, which are based on allegations against RCS that were already denied by the award.

The valuations of the Company with respect to the aforementioned litigation were carried out in accordance with accounting principles, taking into account, among the possible scenarios, the one that occurred with the award of May 14, 2021.

With reference to the news published, the Company reserves the right to take all appropriate actions to protect itself and the market.

RCS MediaGroup is one of the leading multimedia publishing groups, active mainly in Italy and Spain across all publishing fields, spanning from newspapers to magazines, from digital to books, from TV to new media, and to training, and is also one of the top players on the advertising market and in the organization of iconic events and major sporting formats, such as the Giro d'Italia.

The RCS Group publishes the daily newspapers Corriere della Sera, La Gazzetta dello Sport, El Mundo, Marca and Expansion, as well as numerous magazines, the most popular including Oggi, Amica, Io Donna, 7, YO Dona and Telva.