News
French media conglomerate reportedly follows through on legal challenge.
Vivendi has challenged Italian telco regulator AGCOM’s order for it to reduce its holding in either Telecom Italia or media outfit Mediaset.
According to a source cited in a Financial Times report earlier this week, an appeal was filed by Vivendi last Friday.
The French media conglomerate is Telecom Italia’s biggest single shareholder with a stake of 23.94%, and it also owns 28.8% of Mediaset.
Earlier this month, Telecom Italia appointed Vivendi CEO Arnaud de Puyfontaine as chairman, and acknowledged that Vivendi is, for all intents and purposes, its new parent company.
An investigation into the influence held by Vivendi over both companies conducted by AGCOM concluded in April that its position in Telecom Italia and Mediaset violates Italian law.
Italy’s media plurality laws prevent a single company wielding significant influence over both telcos and media companies.
AGCOM gave Vivendi 12 months to cut its stake in either Telecom Italia or Mediaset.
Vivendi disputed the investigation’s findings at the time, and reserved the right to "take any appropriate legal action to protect its interests."
This included appealing AGCOM’s decision at the Regional Administrative Court (TAR) of Lazio.
