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Diego Della Valle Sounds Off About RCS Mediagroup

The Italian businessman, who has an 8.7 percent stake in RCS, explained why he has not yet agreed to the capital increase slated for Friday.

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SOUNDING OFF: Diego Della Valle sounded off Tuesday afternoon about RCS Mediagroup SpA, the struggling Italian media group that publishes the daily Corriere della Sera. Della Valle, who has an 8.7 percent stake in RCS, explained why he has not yet agreed to the capital increase slated for Friday.

“I’m waiting for some important stakeholders to confirm what we have, on many occasions, discussed and considered positively,” he said, referring to the creation of a modern governing body, the dissolution of the current shareholders agreement, the altering of the industrial plan and the review of some of the terms for the capital increase. According to Della Valle, this strategy would “give the company a better future in the publishing business, respecting employees and reinforcing editorial independence.”

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He also confirmed that if this strategy is embraced, he will play an active role, but if it doesn’t happen, “I’ll take note that there is an unwillingness to face the critical situation that I have frequently highlighted and that there is a desire to continue the operation [in a way that is] not in the interest of RCS Mediagroup, its employees and stakeholders.”

Della Valle closed the statement with a message to leading figures in the Italian business world. “Now it’s time to make a clear decision, and for some of us it’s time to show whether we want this country to change, or whether we want to keep everything as it is and as it was in the past,” he wrote.