Telecom Italia Media: Negotiations for the Sale of La7 Continue

02/27/2013 - 07:30 PM

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The Board of Directors of Telecom Italia Media, which met today under the chairmanship of Severino Salvemini, received updates on the advanced progress of the negotiations with Cairo Communication S.p.A. on the sale of the 100% interest in La7 S.r.l. (excluding the 51% interest in MTV Italia S.r.l.), and decided to postpone to the next meeting of the Board of Directors the final approval of the agreement, as certain contractual features are currently being refined.

During the Board of Directors’ meeting already scheduled for 4 March 2013 to analyse the results and approve the draft 2012 financial statements, the Directors will also assess the financial and equity effects of the transaction.

The Board of Directors also acknowledged the resignation of Mauro Giusto from his position as board member, due to new professional and personal commitments. Telecom Italia Media wishes to thank him for his outstanding service.

Rome, 27 febbraio 2013