Despite ongoing speculation that it wants to get out of the television business, Telecom Italia Media SpA said in a Wall Street Journal article that it has no intention to sell its La7 television network. The Italian telco said that it will continue to look at options to understand the value in its individual broadcasting assets. This news comes after a report in the Italian press said that businessman Tarak Ben Ammar was thought to be making a bid to purchase the telco's La7 and MTV television channels. Previously, Telecom Italia Media, which oversees the La7 and MTV networks, reached a deal to sell a majority stake in its news agency Apcom.
The media group plans to sell its network operator's digital assets through a competitive auction. Telecom Italia continues to present a positive outlook for the La7 network, though it said in May that overall advertising revenue will continue contracting in 2009. Citing strong performance of digital terrestrial TV, Telecom Italia has forecast that operating results will be better than 2008.
For more:
- Wall Street Journal has this report
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