Italy's Berlusconi sells shares

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Italian media mogul Silvio Berlusconi and his Fininvest holding company, Milan, sold 20% of its TV ad sales arm Mediaset for $1.14 billion to a consortium of investors--Saudi Prince Al Walid Bin Talal, German publisher Kirch Group and Dutch company Nethold BV. Fininvest plans to sell another 20% of Mediaset to creditors and investors for $1.14 billion in October, and to float 20% to 25% of Fininvest in a public stock market offering next year. Mediaset, accounting for more than half of Fininvest's $7.2 billion sales revenue, controls Italy's three commercial TV networks--Canale 5, Rete 4 and Italia 1 and ad sales unit Publitalia.

Copyright July 1995 Crain Communications Inc.

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