The Board of Directors of Mediaset has admitted that the MFE ‘MediaForEurope’ project cannot be implemented and is seeking alternatives.
This follows the sentence issued by the Court of Madrid that rejected the appeal by Mediaset Espana requesting the removal of the suspension of the cross-border merger plan.
According to the Italian broadcaster, the project is fully compliant with all laws, stressing that the Court ruling is the result of opposition of Vivendi “acting in its own interest, also as a competitor of Mediaset”, for which “it will have to respond in court”.
Given that the Spanish court’s decision makes it impossible to complete the operation within the October 2nd 2020 deadline, the Board has accepted that the planned project is no longer possible due to technical deadlines.
At the same time, a study has been launched for creation of an alternative plan to achieve the same objectives.
The Board also rejected a letter from Vivendi in which it expresses its willingness to support Mediaset’s international development plans, as it came after the time limit and contains no concrete proposals.