So it thundered that it rained – one could say with an image all too used. In fact many elements did understand that for the Mediaset-Vivendi alliance was really only a matter of hours. Eventually it was decided on Friday evening, closed bags, to make official what was already clear from a few days: Bolloré with Vivendi wins more and more weight in Italy, exchange actions with Mediaset Premium but mostly it takes all, while everything you always play in a more European dimension and content production (here run many rumors about the coming changes in ownership or alliances with a number of production companies), multimedia and multiplatform key.
But first of all, of course , we see the terms dell’annunciatissima understood Vivendi-Mediaset.
Vivendi has therefore concluded an important strategic industrial binding agreement with Mediaset, which provides for a 3.5% equity exchange and a passage to the French group of pay -tv Mediaset Premium.
the two companies, it said in a note to Vivendi, “have agreed to develop a business partnership with an international vocation”, which includes initiatives on content production and distribution, but also the creation of a TV platform on the Internet. The agreement “confirms the will of Vivendi to build a strong axis of development in Southern Europe, a market with close to its roots and culture. The significant presence of Mediaset in Italy and Spain, through generalist and thematic channels, free and paid, represents an important milestone in the realization of this strategy. “
In terms of pay-TV, in particular, Vivendi” Mediaset Premium with significantly expanding its presence in Europe, bringing its total subscriber base to more than 13 million, an Italian market that offers significant prospects for
the alliance is sealed precisely by a joint exchange of shares between the parent company by 3.5% (Mediaset buys 3.5% of Vivendi and Vivendi the 3.5 Mediaset, then). Here, in terms of figures, the situation is as follows: 3.5% of Mediaset’s worth, based on the average market prices of the last three months, 137 million; 3.5% of Vivendi, with the same parameters, worth 893 million instead. The difference is remarkable, of course, and even things there is the passage to the French 89% of Mediaset Premium (or rather, now, only premium) in the hands of Mediaset, because 11%, remember, we l ‘has the Spanish Telefonica, which, however, could sell it to the French in turn.
the agreement, which should be finalized by September 30 and forward three years, provides the stakes for the French. There will in fact also a shareholder stability pact: in the first year Vivendi will not make any acquisition of shares in Mediaset. In the second and third year will have a total shareholding of more than 5%. Bolloré, as it did in Telecom, in fact, they usually come with small stakes in companies and then in short ‘take the whole pot’.
How very important, therefore, the cartel’s news. Bolloré confirms its phase of great expansion in Italy, where it already has a relative majority of Telecom Italian-TIM with 24.9%, and it looks like now directing operations. The Berlusconi family dilutes rather his presence, until now dominant in Italy, but especially in a continental key changes the nature of its presence in the television world. To understand, you can not say in these terms (or rather say the opposite), but ‘roll a bit’ the oars’. In fact, its direct sphere of influence will be from now on one of TV ‘traditional’ in Italy and Spain, until recently the ‘goose that lays the golden eggs’ in terms of profitability and now facing a future all more uncertain and ominous days, because of the profound changes taking place in the media world.
the recent stage frontal attack on Sky in the field of pay-TV with the exclusive Champions switching back to the archives: the loss of premium, which would have amounted to 87 million in 2015, no longer accorded to postpone decisions to the future; we think therefore Bolloré, which will bring new ideas and content and that both in this sector with the giant (but losing) Canal Plus had the urgent need to relaunch all in continental and global key. Canal Plus (which in Italy we knew years ago as Tele +) is present in France, Poland, Africa, Central America and the Far East but lose money, is in a vise between the Sky already fully European and the other threatens US giant Netflix. Will be fatal, to try to straighten things out, even to go to Spain, with Telefonica which will indeed give her 11% of premium and help out with his experience also on TV in the difficult task.
everything is thus excluded from the game in this new dimension, because a lot of content created by the French group (especially with Studiocanal in film but also the Universal is the game) will be visible and usable in other countries as well as Mediaset and Telefonica will benefit for distribution of their content. In particular it will be the central issue of ‘platforms’ to distribute content on demand on any ‘device’ with Infinity in Italy and then Canal Play and the German Watchever Vivendi. In this area – and precisely in one connected the content production – you will see several other innovations in the future.
In short, we turn the page and to direct the dancing seems right now Vincent Bollore, with the possibility in Italy alliance with Tim that so far seemed precluded by Mediaset. The appointment of Cattaneo to direct the telephone unit and the imminent decision on the towers of Inwit, which aims EI Towers, will be the first litmus test about.
It remains ‘spinster’, at least for now, Rai. Richer, perhaps, because of the news about the fee, but more alone. Another challenge for the Director General Field Dall’Orto.
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