Mediaset shares surge

Berlusconi victory sends stock soaring

Shares in Silvio Berlusconi’s Mediaset broadcasting group surged on the Milan bourse Tuesday on news of the media mogul’s solid victory in the Italo general election.

They subsequently dropped 2.55% to $9 on reports that Italian ad spending is falling as the economy nears recession.

Final election results released Tuesday showed that Berlusconi won a majority in both houses of parliament likely to keep him in power as prime minister for a full five-year mandate. Berlusconi’s third government since he entered politics 14 years ago is not expected to be installed until May.

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