Mediaset Shares Fall After Court Decision on Dispute With Vivendi
April 20 2021 - 4:59AM
Dow Jones News
By Pietro Lombardi
Mediaset SpA shares fell on Tuesday after a court in Milan
issued a ruling over the scrapped purchase by Vivendi SE of
Mediaset's pay-TV unit Mediaset Premium in 2016 that, according to
media reports, order the French company to pay much lower
compensation than Mediaset had sought.
The French conglomerate and the Italian media company have been
at loggerheads since the deal fell through.
The court ordered Vivendi to pay 1.7 million euros ($2 million)
in compensation, according to media reports. This compares with
compensation for alleged damages of up to EUR720 million for
Mediaset and EUR1.3 billion for Mediaset's majority shareholder
Fininvest SpA, the holding company controlled by the family of
former Italian Prime Minister Silvio Berlusconi.
Shares in Mediaset were down 2.6% in late morning trading in
Europe.
"The Milan court`s decision is negative considering the
Mediaset's claims and therefore the company will have a less
advantageous position in any negotiations with Vivendi, which
should start in the coming months," Equita SIM analyst Stefano
Gamberini said.
Mediaset said late Monday that it was satisfied the Court of
Milan had confirmed a serious breach of contract by Vivendi.
However, it will appeal against the quantification of damages.
-Mauro Orru contributed to this story
Write to Pietro Lombardi at pietro.lombardi@wsj.com;
@pietrolombard10
(END) Dow Jones Newswires
April 20, 2021 04:44 ET (08:44 GMT)
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