TELECOM ITALIA FINALIZES
TIME WARNER’S AOL GERMANY INTERNET ACCESS BUSINESS ACQUISITION
With this transaction, Telecom Italia, today, becomes Germany’s Second-Largest Internet Service Provider – Serving more than 3 million total subscribers, including nearly 2.1 million Broadband customers
AOL to Provide Co-Branded Audience Services and content on a join web portal for Telecom Italia’s Internet Access Subscribers in Germany
Telecom Italia (Milan:TIT,TITR; NYSE: TI, TIA) and Time Warner Inc. (NYSE:TWX) today announced that Telecom Italia has finalized the acquisition of Time Warner’s AOL Germany Internet access business for €665 million ($877 million) in cash.
With the acquisition of AOL Germany’s Internet access business, Telecom Italia becomes, today, Germany’s second-largest internet service provider – with more than 3 million total subscribers, including nearly 2.1 million broadband customers.
Under a new partnership, as already announced, AOL will provide co-branded audience services and content on a joint web portal for all of Telecom Italia’s residential Internet access subscribers in Germany and will handle all online advertising sales.
Under the terms of the five-year partnership, AOL will design, host and operate audience services for Telecom Italia’s entire residential Internet access customer base in Germany.
About Telecom Italia
The Telecom Italia Group is a leading telecommunications group which operates in across the entire advanced communications services chain – fixed-line and mobile telephony, Internet, media, and innovative business solutions and systems.
Time Warner Inc.
Time Warner is a leading media and entertainment company whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.
AOL is a global Web services company that operates some of the most popular Web destinations, offers a comprehensive suite of free software and services, runs the country's largest Internet access business, and provides a full set of advertising solutions. A majority-owned subsidiary of Time Warner Inc., AOL LLC is based in Dulles, Virginia. AOL and its subsidiaries also have operations in Europe, Canada and Asia. Learn more at AOL.com.