Mediaset may take stake of just under 20% in Tim Vision
Mediaset [BIT:MS] could take a stake of just under 20% in a broadcasting joint venture between Telecom Italia (TIM) [BIT:TIT] and Vivendi [EPA:VIV] subsidiary Canal Plus, Italian-language daily Il Sole 24 Ore reported. The report cited a term sheet revealed at a meeting held between the legal advisors of the three parties on 10 January.
TIM will be the majority shareholder with a 60% stake in the JV, known as TIM Vision, while Canal Plus will hold just over 20%, according to the report.
The item added that Mediaset will have an option to sell its stake to Canal Plus.
Mediaset's entry into the JV would be part of an agreement aimed at resolving an ongoing dispute between Vivendi and Mediaset that broke out after Vivendi pulled out of plans last year to acquire Mediaset Premium, Mediaset's pay-TV arm, the report noted.
Another part of the proposed agreeement would see Mediaset receive EUR 460m over six years for providing content to TIM Vision, according to the report.
A deal on the matter has not been signed. The report said that the effective deadline for reaching an agreement is 27 February when the Milan Tribunal will hear a case on Mediaset's demand for damages over Vivendi's refusal to acquire Mediaset Premium.
The original article appeared in print; Page 21