MILAN (Reuters) – Italian broadcaster Mediaset shares were down more 4 percent on Friday in early trade after its controlling shareholder former Prime Minister Silvio Berlusconi was convicted of tax fraud.
Berlusconi on Friday said he was innocent.
“The court’s ruling on Silvio Berlusconi has no direct impact on Mediaset, but could be negative if it leads to a new phase of political instability, which could have a negative impact on Italy’s economic outlook,” said ICBPI analyst Stefano Vulpiani.
“In that sense, uncertainty weighing on the company’s top line leads us to maintain a negative view on the stock.”
Shares of the Berlusconi-controlled publisher Mondadori shares were down 2.5 percent in early trade. (Reporting by Jennifer Clark, editing by Stephen Jewkes)
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