June 16, 2024

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UPDATE 1-Vivendi lodges official complaint with EU from Italian media law -resources

(Adds investigation to commence Dec. 14, information on situation)

MILAN, Dec 11 (Reuters) – French media team Vivendi has lodged a official complaint with the European Fee versus an Italian legislation likely curbing its pursuits in the nation, a few resources explained on Friday, a sign of improved pressure with the govt.

Very last month Italy accepted end-hole laws requiring communications watchdog AGCOM to begin a probe into Vivendi’s Italian property, which will previous up to six months.

The investigation in set to start on Dec.14, the agenda of a board at the regulator showed on Friday.

Vivendi, managed by billionaire Vincent Bollore, holds a 29% stake in Italy’s top rated professional broadcaster Mediaset , and is also leading investor in previous cellphone monopolist Telecom Italia (TIM) with a 24% holding.

The watchdog will look to see if Vivendi’s positions in Italy’s telecoms and media sector are dangerous for media plurality by looking at full revenues, entry boundaries and the degree of level of competition in those people sectors.

The move could assistance Italian broadcaster Mediaset in a lengthy-operating dispute with its 2nd-greatest shareholder Vivendi, whose presence the team, managed by the family members of previous Primary Minister Silvio Berlusconi, considers hostile.

The French business was pressured to transfer two-thirds of its voting legal rights in Mediaset into an arms-size have faith in because of to a 2017 AGCOM selection which identified Vivendi’s twin stakes in TIM and Mediaset in breach of Italian rules preserving media plurality.

The trust has been prevented from voting at Mediaset shareholder meetings.

The freeze on voting legal rights stems from Italian principles placing current market share thresholds to protect against excessive electric power concentration in telecoms and media.

But the EU’s major courtroom in September dominated that these measures violate the bloc’s procedures.

Vivendi has requested an administrative courtroom to scrap the restrictions on its voting rights, with a listening to on the scenario established for Dec. 16.

Lawful sources have claimed existing limits could continue to be in spot until eventually the probe is accomplished. (Reporting by Elvira Pollina in Milan and Giuseppe Fonte in Rome enhancing by Grant McCool)