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Telecom Italia sells La7 to Cairo for EUR 1 million
2013-03-05 09:01:00| Telecompaper Headlines
(Telecompaper) Telecom Italia Media has agreed to sell Italian national broadcaster La7 to Cairo Communications for EUR 1 million. Before the transfer of the shareholding, La7 will undergo a capital increase that will leave it with a net positive financial position not higher than EUR 88 million. The recapitalisation will also bring the broadcaster's shareholders equity up to the agreed level of EUR 138 million. As part of the deal, Telecom Italia agreed to waive EUR 100 million in loans owed by Telecom Italia Media to the parent company. Telecom Italia Media will continue to own a 51 percent stake in MTV Italia as well as its DTT broadcast operations.
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Category:Telecommunications