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Mediaset investors agree to scrap loyalty share scheme

Earlier this month Mediaset and Vivendi ended years of legal sparring with an accord under which the French group will drastically cut its stake in Italy's top commercial broadcaster.

May 27, 2021 / 06:39 PM IST
Representative image | (PC-Shutterstock)

Representative image | (PC-Shutterstock)

Mediaset shareholders on Thursday agreed to ditch a loyalty share scheme at the Italian broadcaster as part of a wider agreement struck earlier in May to end a years-long dispute with its second-largest investor, French media group Vivendi.

Mediaset had proposed to axe the scheme, which rewards long-term investors with additional votes and would have strengthened the grip on the company by its top investor, the family of former Prime Minister Silvio Berlusconi, in a sign of goodwill towards Vivendi, which had challenged the measure in court.

All shareholders present at a virtual meeting voted in favour of scrapping the scheme, a source familiar with the matter said.

Earlier this month Mediaset and Vivendi ended years of legal sparring with an accord under which the French group will drastically cut its stake in Italy's top commercial broadcaster.