Italy: Telecom Italia agrees sale of flagship La7 channel [Adnkronos International, Rome]
(Adnkronos International (Rome, Italy) Via Acquire Media NewsEdge) March 04--ROME -- Telecom Italia Media has agreed to sell its flagship La7 television channel to Cairo Communication group, its founder Urbano Cairo told Italy's Radio 24 on Monday.
"La7 I've taken on a real hot potato," Cairo told Radio 24, confirming an earlier tweet by La7 journalist Gad Lerner.
Telecom Italia Media's board gave final approval to the sale of commercial channel La7 to Cairo after a three-hour meeting on Monday.
The company, which is controlled by Italy's biggest phone company Telecom Italia selected Cairo in February for exclusive talks on the sale of La7 excluding its 51 percent stake in MTV Italia.
Private-equity fund Clessidra SGR had made a bid for Telecom Italia Media assets, including some infrastructure, valued at about 300 million euros, Bloomberg News cited an unnamed source as saying.
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