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RCS Mediagroup's Future Remains Uncertain

Frictions continue to emerge between two of the company’s main shareholders, Fiat president John Elkann and Tod's chief Diego Della Valle.

GAME OF THRONES: The future of RCS Mediagroup SpA, the struggling Italian editorial giant that publishes the daily Corriere della Sera, remains uncertain.

Approaching July 5, the last day for RCS Mediagroup shareholders to subscribe to new shares for cash, frictions continue to emerge between two of the company’s main shareholders, Fiat president John Elkann and Tod's chief Diego Della Valle. The latter, who controls an 8.7 percent stake in RCS, has not yet subscribed the capital increase as he is said to be in disaccord with the industrial plan developed by the current management.

Conversely, Fiat, which on Friday increased its stake in RCS to 20.13 percent from 10.3 percent, has already agreed to increase the company’s capital and Elkann has confirmed his support to RCS chief executive officer Pietro Scott Jovane.