Last Friday evening, Mediaset and Vivendi signed a strategic alliance, each group taking a 3.5% stake in the other (Mediaset transferring existing treasury shares to Vivendi and receiving in exchange existing or newly-issued Vivendi shares). Simultaneously, Vivendi will receive the 89% stake still owned by Mediaset in its pay-TV operation, Mediaset Premium, while buying back the remaining 11% owned by Telefonica. There will be a three-year lock-up period with Vivendi not authorised to buy sha ....