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Mediaset was always an investment for those with a strong stomach. Former prime minister Silvio Berlusconi controls the Italian broadcaster through his family’s 40-per-cent stake. Now the company faces an advertising slump in Italy and Spain, its two markets. That made for unpalatable 2012 results – revenue fell 12 per cent while impairments and restructuring charges contributed to a loss of €235-million ($305-million), reversing the €225-million profit in 2011. Yet Mediaset’s shares were up 8 per cent on Wednesday.