Berlusconi's broadcasting empire Mediaset reports loss

Former Italian prime minister's empire reports a net loss of £243m

LAST UPDATED AT 09:51 ON Thu 28 Mar 2013

SILVIO Berlusconi's broadcasting empire has reported its first annual loss, as a slump in advertising revenue forced the company to scrap its dividend, reports the Daily Telegraph.

Mediaset, the company controlled by the former Italian prime minister, reported a 2012 net loss of €287.1m (£243m), compared with a profit of €225m a year earlier. Advertising revenues fell 16% compared with 2011.

Shares in the company have lost nearly a third of their value over the past year. The company plans to cut costs by €450m within three years. Berlusconi, who began his career by selling vacuum cleaners and singing in nightclubs, remains one of Italy's richest men.

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