The market promotes Mediaset Vivendi-axis – the Journal

a few hours after the green light to the alliance between Mediaset and Vivendi, operators have to reckon with a view to re-opening tomorrow, the Business Square. The agreement in fact was announced Friday in Stock Exchange also closed if the title of Alfa Romeo began his run for several days driven by speculation. “It is an important alliance and the benefits, in business and financial level, are significant, as already, at least in part, priced from the market,” says Vincenzo Longo IG. “Traders expect that the start of this cooperation could, in the future, in an alliance more important, despite the terms of the agreement prescribe specific constraints (in the first year Vivendi will acquire additional Mediaset stocks, and in the second and third year will have a stake of more than 5% ed). “

the alliance still like to analysts. First of all from a strategic as the partnership will bring significant synergies in distribution and content production. The agreement between Mediaset and Vivendi provides for the development of a project for international productions and the construction of the first European platform for streaming content on demand.

Despite today is difficult to calculate the cost synergies, the alliance lays the foundations for a common platform of distribution and, in part, the production of media content in an anti Sky and anti Netflix, thus expanding the horizon of Mediaset to all Europe. This is compounded by the financial benefits they will get the group led by Pier Silvio Berlusconi. The 3.5% of the stock exchange in fact passes from the sale of pay TV Mediaset Premium, a task so far in the red, partly because of disbursement necessary to win the football rights. “This action clears the Mediaset budgets to an asset loss and alleviates the financial structure of the group,” notes a trader. Not only that, the market could return to value the assets of Alfa free to air. In fact, one of Mediobanca Securities study highlights how the Italian activities of Alfa Romeo in the generalist TV are evaluated only 5.2 times operating profit, almost half less than their European rivals (the discount is 40%) . In short, he writes ICBI, one of the main values ​​of the operation is to “bring out the high profitability profile of television broadcasting activities in the clear.” Equita even experience a dramatic increase in useful for Mediaset resulting in both the distribution of dividends to Vivendi both the sale of pay TV.