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BUZZ-European media: UBS says buy south, sell north

Reuters - UK Focus

** UBS (NYSEArca: FBGX - news) initiates on European media sector

** Three "buy" ratings (Mediaset Espana (Amsterdam: MW8.AS - news) , Mediaset (Amsterdam: MA8.AS - news) , TF1 (Paris: FR0000054900 - news) ), two "sell" (ITV (LSE: ITV.L - news) , ProSieben ), one "neutral" (RTL )

** Broker says audience fragmentation worse in northern Europe (particularly UK), while valuations are not overly compelling v the south

** Mediaset Espana, Mediaset (Other OTC: MDIEF - news) and TF1 all among top risers on Stoxx 600, up 2.8-3.4 pct

** ITV among top fallers, down 0.8 pct

(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)