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MILAN, March 26 (Reuters) - Shares in Mediaset opened up 4 percent on Wednesday before paring gains after the TV company reported stronger than expected annual operating profits but gave no specific outlook for the year.
By 0828 GMT, the stock was up 1.1 percent at 3.9 euros. The blue-chip Milan index edged up 0.3 percent.
Italy's biggest TV broadcaster, having beaten 2013 profit expectations by cutting costs more than anticipated, said late on Tuesday advertising trends in its core Italian and Spanish markets this year were unpredictable due to economic uncertainty.
Analysts welcomed the better than-expected showing for cost cuts but some of them cautioned over the uncertain outlook and fading M&A expectations for the company's pay-TV business. (Reporting by Danilo Masoni; Editing by Lisa Jucca)