Vivendi has made an offer for a majority stake in Mediaset’s pay-TV business.
Citing Corriere della Sera, which does not name any sources, Reuters reports that the bid was lodged several days ago.
It adds that any deal to buy into Mediaset Premium would be funded in cash and shares.
However, the likelihood of it happening quickly has receded due to disagreements over the price.
Reuters points out that earlier this month the broker Nataxis identified Mediaset as one of the main targets in Europe at present and suggested that Vivendi could make an offer for the company based on a premium of 25%.
In November 2014, Mediaset spun off its Premium pay-TV business in a separate company.
Vivendi already has significant investments in Italy and recently has added 1.4% to its stake in Telecom Italia – bringing it to 22.79%, increasing speculation about how the French giant plans to use TI to establish a southern European media arm.
It is now focusing mostly on pay-TV, along with music and content, and has a potential investment fund of €6.4 billion. In a statement released on February 18 on the occasion of the presentation of the annual financial results, Vivendi has stated its desire “to invest in the south of Europe, the market with Latin roots and culture as our own.”
In France, Vivendi’s Canal+ signed a deal with Bein Sports to carry the premium sports channels exclusively on its distribution platforms.