Media companies Mediaset and Vivendi were unable to settle their argument about a controversial reshuffle of the corporate structure at that first party on Friday. The two companies are now fighting their confrontation in court.
Vivendi, the second largest shareholder in the media company of former Prime Minister Silvio Berlusconi, is strongly opposed to a merger of the Italian and Spanish activities of Mediaset into a Dutch holding company. The French media conglomerate fears that it will lose its influence. With the new holding, which is called MediaForEurope (MFE), Mediaset claims to be able to compete better with major competitors such as Netflix.
After a majority of the shareholders voted in favor of the plans at a special shareholders’ meeting, Vivendi tried to prevent the creation of the new company through the courts. Attempts to resolve the conflict outside the courtroom failed, Mediaset now reports.
By the way, Mediaset does intend to change certain MFE statutes on the instructions of the court. Shareholders can vote on this in January.