April 19, 2017 / 4:12 PM / a year ago

Failed pay-TV sale to Vivendi hit Mediaset FY results by 341 mln euros

MILAN, April 19 (Reuters) - Italian private broadcaster Mediaset said on Wednesday the failed sale of its pay-TV unit Premium to France’s Vivendi hit the group’s 2016 accounts by 341.3 million euros ($365 million).

In July 2016 Vivendi pulled out of a 800-million euro contract that would give it full control of Premium, claiming the unit’s business plan was unrealistic.

Milan-based Mediaset said the U-turn by the French media group resulted in “a series of extraordinary one-off charges” amounting to 269.3 million euros at the operating profit level, bogged down further by an additional loss of 72 million euros.

It did not elaborate further.

Despite posting a 2016 operating loss of 189.2 million euros, the broadcaster, whose top shareholder is the family of former prime minister Silvio Berlusconi, said it expected to return to profit in 2017. ($1 = 0.9341 euros) (Reporting by Giulia Segreti; editing by Agnieszka Flak)

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