Italian pay-TV platform Mediaset Premium has formally approved a capital increase to cover its 2016 losses, reports local news agency Radiocor.

However, unlike previous years, shareholder Telefonica, which has a 11 per cent share, abstained.

The shareholders approved the 2016 financial statements, which ended in the red for €384 million, negatively impacting equity (for €142 million) and requiring an intervention of about €283 million. This comes on top of the €100 million contribution by shareholders earlier this year

The liability was repaid for €140 million by reducing the capital and by another €142 million through a new capital injection.

The 2016 report of the company saw a 10 per cent annual growth in overall revenue to €705 million, but costs were also up, by 60 per cent, to €1.2 billion. There was a positive trend for advertising revenue in Q1 2017 and Mediaset Premium expects it to continue during 2017.

Mediaset Premium is controlled by Italian commercial broadcaster Mediaset through RTI.

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