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Mediaset CEO says failed sale of pay-TV hit 2016 accounts by 100 million euros
March 23, 2017 / 2:04 PM / 8 months ago

Mediaset CEO says failed sale of pay-TV hit 2016 accounts by 100 million euros

MILAN (Reuters) - Mediaset’s Chief Executive Pier Silvio Berlusconi said on Thursday the failed sale of the group’s pay-TV unit Premium to France’s Vivendi (VIV.MI) hit 2016 full year accounts by 100 million euros ($108 million).

In July last year Vivendi pulled out of a 800 million euro contract that would give it full control of Premium, claiming the unit’s business plan was unrealistic.

”I am not talking about a loss of 100 million euros but a worsening of the accounts by about 100 million euros (in 2016) , Pier Silvio Berlusconi told reporters on Thursday, without elaborating.

Berlusconi said the hit was due to several factors including the inability to close commercial agreements after the failed sale.

In November, Premium Chief Executive Franco Ricci said the unit would end 2016 in the red, without giving further details. Premium reported a net loss of just over 100 million euros ($108 million) in the first six month of 2016.

($1 = 0.9276 euros)

Reporting by Giancarlo Navach, writing by Giulia Segreti

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