Telecom Italia to integrate media unit

Telecom Italia is to buy out minority shareholders in the Telecom Italia Media (TIM) unit and integrate it with the parent organisation. 

The operation will be completed on a cash-free basis, with 0.66 new ordinary shares and 0.47 new savings shares in Telecom Italia being granted for each share in TIM. The operation is expected to be approved by the boards of both companies by March 19, with the merger to be completed by the third quarter

Telecom Italia already owns 77.7% of publicly listed Telecom Italia Media, whose main asset is its 70% holding in Persidera, a joint venture with Gruppo Espresso, formerly known as Telecom Italia Media Broadcasting before the merger of TIM’s digital-terrestrial network business with Gruppo Espresso.

TIM divested channels La7 and MTV Italia to Cairo International and Viacom International Media Networks two years ago.