MILAN, Sept 13 (Reuters) - Italy’s communications watchdog AGCOM has acknowledged a plan by Vivendi to comply with its demands to cut its stake in either Telecom Italia or TV broadcaster Mediaset, a source said on Wednesday.
Vivendi, which is the biggest shareholder of Telecom Italia with a 24 percent stake, owns around 29 percent of Mediaset, making it its second-largest investor.
AGCOM has asked Vivendi to reduce its stake in one of the two companies to below 10 percent after ruling that by holding both it breached rules meant to prevent concentration of power.
Vivendi will have one year to comply with AGCOM’s ruling if it is to avoid being fined. It has appealed against AGCOM’s decision but a ruling by an Italian administrative court will not come before next year.
According to the source, AGCOM has reserved the right to make further evaluations on the matter after the 12 months run out.
Reporting by Alberto Sisto, writing by Stephen Jewkes