The new owner of RCS MediaGroup
S.p.A., which publishes leading national daily Corriere della
Sera, said Monday he wants to take on all executive powers so he
can keep an eye on its finances.
"I want to know every time a single euro is spent, why it
is spent and how," said gossip magazine owner and former Silvio
Berlusconi employee Urbano Cairo, whose Cairo Communication
acquired 48.82% of shares tendered in a one-billion-euro battle
for loss-making RCS Mediagroup.
This put Cairo at 72.87% of RCS share capital.
"I'm very happy," Cairo added on his way in to a Cairo
Communication board meeting to discuss a possible
70-million-euro capital increase.
Shares in RCS opened -4.15% at 0.90 euros and Cairo shares
lost 6.86% to 4.10 euros a share.
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