French media multinational Vivendi
S.A. announced Friday it has reached "a binding accord" to take
full control of Mediaset Premium via a 3.5% stock swap with the
parent company, Silvio Berlusconi's Mediaset SpA.
This is "a key strategic industrial accord", the French
company said. The two firms have "agreed to develop an
industrial partnership with an international vocation" to
include development of an online TV platform, Vivendi said in a
statement.
"We are very satisfied," said Mediaset CEO Pier Silvio
Berlusconi, son of the company founder and former prime minister
of Italy. "This was a strategic choice, which we absolutely
sought out".
He also denied the deal was a first step in the Berlusconi
family's divesting from the media businesses.
"Absolutely not," he told a board meeting.
"We want to invest and push forward, and I say so with
conviction - this is the first step in an opening onto the
European market".
Mediaset added 5.36% to close at 3.50 euros a share while
Vivendi rose 0.85% to close at 18.42 euros a share in Friday's
trading.
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