Vivendi looking for increased convergence at Telecom Italia

4 Sep 2017

Telecom Italia’s largest shareholder, Vivendi of France, has said it is looking ‘to promote a long-term strategy of developing the convergence between telecommunications and content’ at the Italian telco. However, the 24% shareholder says it ‘does not have the power to govern Telecom Italia’s financial and operating policies’ and has no de facto control or a ‘dominant influence’.

Vivendi, which also has a stake in local content provider and broadcaster Mediaset, has been looking to create a southern European telecoms and media business based on its operations in Italy. It is facing a EUR3 billion (USD3.6 billion) claim for damages from Mediaset and its controlling shareholder Fininvest however, following a decision by Vivendi to walk away from a proposed buyout of pay-TV operator Mediaset Premium in 2016.