Newspaper article International New York Times

Vivendi Seeks to Revise Deal for Mediaset TV Arm

Newspaper article International New York Times

Vivendi Seeks to Revise Deal for Mediaset TV Arm

Article excerpt

The French giant has proposed buying 20 percent of the pay-TV business and then buying another 15 percent of Mediaset in three years.

Mediaset, an Italian media company controlled by Silvio Berlusconi, the former prime minister of Italy, said on Tuesday that the French giant Vivendi had backed away from a deal to acquire 100 percent of Mediaset's pay-TV arm.

In April, the companies agreed to take a 3.5 percent stake in each other. Under that deal, Vivendi would acquire the pay-TV business, known as Mediaset Premium.

The deal was seen at the time as a way for Vivendi, which also owns Canal Plus, the French pay-television company, to better compete with the premium broadcaster Sky, which is partly owned by 21st Century Fox, and Netflix.

On Tuesday, Mediaset, Italy's largest commercial broadcaster, said that Vivendi proposed in a letter on Monday to proceed with the share swap, but Vivendi would acquire only a 20 percent stake in the pay-TV arm. …

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