Berlusconi set to resign

BerlusconiSilvio Berlusconi promised on Tuesday to resign after a key vote indicated that the Italo media mogul and prime minister no longer has a majority in parliament.The move is seen as the final act in the TV tycoon's 17-year career as the leading man in Italian politics.President Giorgio Napolitano, who met Berlusconi after the vote, issued a statement saying Berlusconi had assured him he will resign after crucial economic reforms are passed in a Senate vote next week.However, opposition leader Pier Luigi Bersani pressed the prime minister to hand in his resignation immediately. Earlier in the day, a key Berlusconi coalition ally, Umberto Bossi, head of the Northern League, urged Berlusconi to step down.On the same day, his Mediaset TV group posted a 31% drop in nine-month operating profit to 368.2 million ($507.8 million), and shares closed down 2.94%.The end of Berlusconi's political cycle may take a long-term toll on Mediaset, which has long leveraged its political clout. Contact Variety Staff at news@variety.com