Italy's Cairo does not rule out buying more RCS MediaGroup shares

MILAN, March 26 Wed Mar 26, 2014 7:15am EDT

MILAN, March 26 (Reuters) - Italian media businessman Urbano Cairo did not rule out on Wednesday increasing his stake in RCS MediaGroup, the publisher of Italy's top selling newspaper Corriere della Sera.

"I cannot say that," Cairo said, when asked about the possibility he might increase his stake. "This is something that you communicate after doing it, but until you do it you don't say what you would like to do".

RCS shareholders are divided over strategy. The company's third-largest investor Diego Della Valle, chairman of shoe maker Tod's, has criticised current RCS CEO Pietro Scott Jovane and proposed that Cairo replace him.

Shares in RCS MediaGroup have risen sharply this month after the loss-making Italian publisher said it would cut costs and a brokerage raised its rating on the stock. (Reporting by Claudia Cristoferi, writing by Danilo Masoni)

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