Cecchi Gori wins ruling

Court blocks fund increase for Stream investors

MILAN — Vittorio Cecchi Gori won a partial victory last week against fellow investors Rupert Murdoch and Telecom Italia when a Rome court blocked their call for a $275 million capital increase in Italy’s digital TV platform Stream.

Cecchi Gori, who holds an 18% stake in Stream, had previously approved a capital increase of $166 million. But he took legal action against Murdoch and Telecom when they suddenly upped the increase to $275 million.

That move, Cecchi Gori claimed, was designed to shut him out of the partnership, given his widely chronicled cash-flow problems.

Murdoch and Telecom Italia each have a 35% stake in Stream.

Cecchi Gori’s determination to keep Murdoch from becoming a majority owner of Stream is shared by many members of parliament where sentiment runs high against foreign media ownership.

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