The long-running battle between Vivendi has been brought to an end.
In a joint statement issued late Monday, Vivendi, Fininvest and Mediaset announced an end to their litigation and claims.
The dispute between Mediaset and Vivendi dates back to 2016 and the collapse of an agreement between the two companies that would have seen the French group buy into the loss-making pay-DTT operation.
Vivendi will now support Mediaset’s international development by backing the transfer of Mediaset’s headquarters to the Netherlands and will also vote in favour of the proposed resolutions on the abolition of the double voting mechanism.
The French media giant has also agreed to sell its entire 19.19% holding in Mediaset over a five-year period. The equity stake is currently held through a Simon Fiduciaria trust.
Mediaset’s investment vehicle Fininvest will have a call option to buy any unsold portion in any 12-month period at the set annual price.
Further, Vivendi and Mediaset have entered a ‘good neighbourhood’ agreement in free-to-air television and standstill commitments for a 5-year term.
Vivendi’s subsidiary Dailymotion has agreed to a one-off payment of €26.3 million to settle its copyright litigation with Mediaset’s subsidiaries RTI and Medusa.