Morgan Stanley Dean Witter has given a ‘neutral’ rating to Silvio Berlusconi’s broadcasting company Mediaset, currently the subject of sell-off rumours involving News Corp (see Interspace 682). Morgan Stanley argues that the company’s shares have risen on the back of "Internet fever" and that "Mediaset’s telecom and dotcom assets are being inflated". Advertising revenue from new media, says Morgan Stanley, is unlikely to amount to much more than a fraction of Mediaset’s total revenue. Referring to "new sectors", the report says that ad-spend from these companies amounted only to 12 per cent of the total.