Telecom Italia has agreed to sell its 100% interest in its free-to-air station La7 to Cairo Communications.
The firm, which is run by Urbano Cairo, a former associate of Italian media magnate and politician Silvio Berlusconi, agreed to pay a consideration of €1 million for the channel, in a complex deal that will see the channel then recapitalised so it has a financial position of at least €88 million.
“The transaction will allow Telecom Italia Media to stop providing financial support to La7, while at the same time keeping the network operator Telecom Italia Media Broadcasting within the Group,” the firm said in a statement.
It added that as part of the deal, Telecom Italia will waive financial receivables due from Telecom Italia Media for a total of €100 million.
Cairo Communications emerged as the front-runner for La7 last month when it was reported that it was in exclusive negotiations to buy the channel.
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