November 21, 2019 / 5:54 PM / 2 months ago

Vivendi ready to sell part of Mediaset stake at a loss to reach deal-source

MILAN, Nov 21 (Reuters) - French media group Vivendi is prepared to sell part of its stake in Mediaset at a loss in an attempt to reach an accord to end years of bitter legal disputes with the Italian broadcaster, a source close to the matter said on Friday.

The source said that in order “to show its goodwill” Vivendi was prepared to sell the Mediaset shares held by its Simon Fiduciaria trustee at a price of 3.25 euros each.

That compares with a price of 3.7 euros Vivendi paid in 2016 to build its 29% stake which Mediaset considers hostile.

Vivendi, which is also a leading investor in Italy’s former phone monopolist Telecom Italia, holds a 20% stake in Mediaset through Simon Fiduciaria to comply with a ruling by Italy’s telecoms watchdog.

The source said Vivendi would sell shares held by Simon Fiduciaria.

Reporting by Elvira Pollina, editing by Valentina Za

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