Italian commercial broadcaster Mediaset has announced the acquisition of an 11.1 percent stake in its pay-TV unit Mediaset Premium from Spain’s Telefonica for an undisclosed amount. The Spanish group acquired the stake in 2014 for EUR 100 million but has always been regarded as a passive shareholder, especially since French media giant Vivendi pulled out of a deal to take over Premium, prompting a full-scale legal battle with Mediaset, which is seeking EUR 1.5 billion damages in the case. In a short statement, Mediaset simply confirmed the acquisition and said it now owned 100 percent of Premium shares.
However, according to an unnamed source cited by Reuters, the deal between Mediaset and Telefonica involves the Spanish group receiving 11.1 percent of any damages Mediaset may be awarded in its case against Vivendi in return for its holding. Vivendi itself holds a near 30 percent stake in Mediaset but is due to reply to the competition concerns of communications watchdog Agcom by proposing to cap its voting rights in Mediaset at 10 percent, according to initial reports in Il Sole 24 Ore.
