Italy - Mediaset - Fininvest Bd Mandates CEO To Seek EUR750M Damages Suspension

by ARP

Wed, Oct 14, 2009 10:10AM

MILAN (Dow Jones)--Fininvest said Wednesday its board has mandated its chief executive to pursue the suspension of the EUR750 million fine it was ordered to pay to rival CIR (CIR.MI) in a long-running legal dispute.

In a short statement, Fininvest - owned by the family of prime minister Silvio Berlusconi -- also said its board has decided to appeal the decision in court.

On Oct. 3, a Milan civil court ruled Fininvest has to pay EUR750 million in damages to CIR, the company of rival media mogul Carlo De Benedetti.

The ruling aims to compensate CIR, which controls publisher Gruppo Editoriale L'Espresso (ES.MI), for a 1991 court ruling that allowed Berlusconi's holding company to take control of publisher Arnoldo Mondadori SpA (MN.MI) away from De Benedetti.

Silvio Berlusconi's daughter and Fininvest's chairwoman Marina Berlusconi has said that the fine may seriously hit Fininvest - which controls both Mondadori and Italy's largest commercial broadcaster Mediaset SpA (MS.MI).

Shares in Mediaset and Mondadori have until now shrugged off the fine decision, as investors say Fininvest has enough liquidity and may ask for higher dividends from Mediaset and Mondadori to pay the damages.

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§Mediaset Says Publitalia Unit's 9-Month Ad Rev Down 10%

by fre

Wed, Oct 14, 2009 3:00PM

MILAN (Dow Jones)--Mediaset SpA's (MS.MI) advertising sales unit Publitalia recorded a 10% drop in advertising revenue in the first nine months of the year, the Italian broadcaster said Tuesday.

Mediaset made the statement after its chief executive, Giuliano Adreani, made the remark at an event in Milan.

Controlled by Italian Prime Minister Silvio Berlusconi's family, Mediaset is the country's biggest private television broadcaster.

Its stock closed up 0.32% at EUR4.78 in Milan.

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