Mediaset Gets Shareholder Approval for Governance Changes

By Pietro Lombardi Features Dow Jones Newswires

Italian broadcaster Mediaset SpA (MS.MI) said Friday that its shareholders have approved some governance changes that analysts say limit the influence of Vivendi SA (VIV.FR).

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The changes include a new maximum board size and changes to the process for appointing members to the board.

Under the new rules, the board of directors will have no more than 15 members, while the floor is set at seven. The current range is five to 21. The current 17-member board will remain in charge until the end of its tenure, Mediaset said in previous documents.

The new voting system will give minorities only two seats on a board of up to 11 members, or three in case of a larger board. The remaining seats will go to the majority list.

The new system strengthens the position of Mediaset's main shareholder Fininvest SpA--the Berlusconi family holding company--and its control of the broadcaster, analysts at Equita SIM said Thursday.

Vivendi has a stake of 28.8% in the Italian company.

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Mediaset and Vivendi have been embroiled in a dispute since a pay-TV deal reached in April last year fizzled out.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

December 15, 2017 07:43 ET (12:43 GMT)