March 5, 2018 / 8:45 AM / 9 months ago

Mediaset shares fall after Berlusconi party disappoints in vote

Forza Italia leader Silvio Berlusconi gestures during a meeting in Rome, Italy, March 1, 2018. REUTERS/Alessandro Bianchi

MILAN (Reuters) - Shares in Mediaset fell more than 5 percent on Monday after the party of former Italian Prime Minister Silvio Berlusconi, whose family controls the private broadcaster, did worse than expected in general elections on Sunday.

A rightist alliance including Berlusconi’s Forza Italia (Go Italy!) emerged with the biggest bloc of votes, but without a majority to rule alone. In a bitter personal defeat for the billionaire media magnate, his Forza Italia party was overtaken by its ally, the far-right, anti-immigrant League.

A strong Forza Italia performance was seen as giving Mediaset greater power in a drawn-out pay-TV dispute with French media group Vivendi and its Chairman Vincent Bollore.

Mediaset shares were down 5.6 percent at 2.94 euros by 0814 GMT, making it the worst performer on Italy’s blue-chip index.

Reporting by Agnieszka Flak; Francesca Landini

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