New RCS owner 'wants all exec powers'

(ANSA) - Milan, July 18 - 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.