Mediaset has taken a hit of €341.3 million in its dispute with Vivendi over the sale of the Mediaset Premium.
In a statement the Italian company said its 2016 results had been “radically altered by serious damage on the Italian activities of the Group by Vivendi’s contractual violations”.
Mediaset reported a operating loss of €189.2 million for 2016, after declaring an operating profit of €231.4 million in 2015.
Revenues from Mediaset Premium grew 10.9% to €619.8 million from €558.8 million in 2015.
Earlier this month Italy’s communications regulator AGCOM ruled Vivendi has violated Italy’s media antitrust law by building up controlling stakes in broadcaster Mediaset and telecom operator Telecom Italia (TIM), and gave Vivendi a 12 month deadline to reduce its stake in either one.
Mediaset is forecasting modest growth in the advertising market by 2020 and says it is already able to predict a return to profit in 2017.
