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.